Key Developments For Associated Banc-Corp
Associated Banc-Corp (ASBC.O) (Nasdaq)
Associated Banc-Corp Announces Appointment of Philip B. Flynn As President And Chief Executive Officer; Selects William R. Hutchinson As Chairman
Associated Banc-Corp announced that its Board of Directors has appointed Philip B. Flynn as President and Chief Executive Officer of Associated Banc-Corp and a Director of Associated Banc-Corp effective December 1, 2009. Flynn will also serve as President and Chief Executive Officer and as a Director of Associated Bank, National Association. Flynn replaces Paul S. Beideman who announced his plans to retire from Associated Banc-Corp earlier this year. Beideman will continue to serve as a member of the Board of Directors and as Chief Executive Officer of Associated Banc-Corp until December 1, 2009. Associated Banc-Corp also announced that the Board of Directors elected William R. Hutchinson as its Chairman effective December 1, 2009. Beideman will remain at Associated until February 1, 2010.
Associated Banc-Corp Shares Drop After Entering Pact With Regulator-DJ
Dow Jones reported that shares of Associated Banc-Corp dropped after the Company said that it has entered an informal agreement with its primary regulator. The Company said that it has entered a memorandum of understanding with the Office of the Comptroller of the Currency that requires it to develop processes to improve the risk management of its loan portfolio and maintain specific capital levels.
Associated Banc-Corp Declares Quarterly Cash Dividend
Associated Banc-Corp announced that it has declared a regular quarterly cash dividend of $0.05 per share, payable on November 16, 2009, to shareholders of record on November 6, 2009.
Associated Banc-Corp Announces Retirement Of Paul S. Beideman As CEO
Associated Banc-Corp announced that it has retained a national executive search firm to conduct a search for a CEO. The Board expects to hire a new CEO before year end 2009. Concurrently, Paul S. Beideman announced that he will retire as Chairman, director and CEO upon the hiring of his successor and will remain at Associated until February 1, 2010 to facilitate the CEO transition.
Fitch Downgrades Associated Banc-Corp's Long-term IDR To BBB; Outlook Negative
Fitch Ratings announced that it has downgraded the long-term Issuer Default Rating (IDR) for Associated Banc-Corp to BBB from BBB+ and its principal bank subsidiaries to BBB from A-. Fitch has also downgraded the Company's Individual Rating to C from B/C and the principal subsidiaries' Individual Rating to C from B. The Rating Outlook remains Negative. The Negative Outlook reflects the possibility that asset quality deterioration could escalate beyond Fitch's current expectations should the economic downturn persist longer or deeper than anticipated.
