Associated Banc-Corp details Phase 2 strategic plan: $25-30M expense cuts, balance sheet repositioning

ASSOCIATED BANC-CORP

Announced $25M-$30M expense reductions for 2024, including 3% workforce cut (Nov 8) and 14 branch closures by Mar 2024.
Sold ~$0.8B securities and agreed to sell ~$1B mortgage loans; proceeds to pay down FHLB advances and reinvest at higher rates.
Plan to add 20+ commercial relationship managers across all markets, with 4 already hired in Q4 2023.
Reducing annual mortgage production by ~$2B vs 2022; targeting $2.5B incremental deposit growth and $750M commercial loan growth by year-end 2025.
Key leadership hires: Terry Williams (CIO), Jayne Hladio (Private Wealth President), Phillip Trier (Commercial Banking Group Leader).

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