GREEN BAY, Wis.--(BUSINESS WIRE)--June 2, 2005--Associated
Banc-Corp (Nasdaq:ASBC) has created a Community Development
Corporation (CDC) to more effectively focus the company's resources on
community development in low- and moderate-income neighborhoods. Mike
Falbo will head the new subsidiary. Falbo is currently chairman and
CEO of State Financial Bank, which Associated plans to acquire later
this year.
The new company, Associated Community Development, LLC, will
facilitate access to affordable residential borrowing in low- and
moderate-income neighborhoods. The CDC will also make investments to
fund commercial community development projects. The CDC will help
individuals, community groups and businesses use community-based
resources along with government guarantees and to achieve affordable
housing and commercial redevelopment in low- and moderate-income
neighborhoods.
"Supporting the financial and social health of our communities is
one of Associated's core values. Our community development corporation
will link the bank's resources with community organizations and
governmental entities to improve neighborhoods and invest in their
growth and vitality," said Associated President and CEO Paul S.
Beideman.
Mike Falbo said, "I am pleased to lead the newly formed CDC for
Associated Bank. Along with everyone at Associated Bank, I am very
committed to the economic development of the communities we serve." He
added, "The depth of experience and expanded resources of our combined
organization positions us well to create a positive impact for both
area neighborhoods and for local businesses."
Associated Banc-Corp, headquartered in Green Bay, Wis., is a
diversified multibank holding company with total assets of $20.5
billion. Associated has more than 300 banking offices serving more
than 170 communities in Wisconsin, Illinois, and Minnesota. The
company offers a full range of traditional banking services and a
variety of other financial products and services. More information
about Associated Banc-Corp is available at www.associatedbank.com.
Statements made in this document that are not purely historical
are forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. This includes any statements regarding
management's plans, objectives, or goals for future operations,
products or services, and forecasts of its revenues, earnings, or
other measures of performance. Forward-looking statements are based on
current management expectations and, by their nature, are subject to
risks and uncertainties. These statements may be identified by the use
of words such as "believe," "expect," "anticipate," "plan,"
"estimate," "should," "will," "intend," or similar expressions.
Outcomes related to such statements are subject to numerous risk
factors and uncertainties including those listed in the company's
Annual Report filed on Form 10-K.
CONTACT: Associated Banc-Corp
Jon Drayna, 920-491-7006
SOURCE: Associated Banc-Corp