Press Release Details 5.23

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Associated Banc-Corp Names Paul Beideman New CEO


GREEN BAY, Wis.--(BUSINESS WIRE)--April 16, 2003--The Board of Directors of Associated Banc-Corp (NASDAQ:ASBC) has named Paul S. Beideman president and chief executive officer of the corporation, replacing Robert C. Gallagher, 64, who is stepping down as president and CEO. Gallagher will remain chairman of the Board.

Beideman, 53, comes to Associated from Philadelphia, where he most recently served as chairman of Mellon Financial Corp.'s Mid-Atlantic Region. He has 32 years of banking experience, the last 13 in senior executive positions with Mellon. He was a member of Mellon's Senior Management Committee, and his background includes extensive experience in consumer and commercial banking. In addition, he has a wide range of experience in marketing, systems and operations, product development, and wealth management.

Gallagher said, "The succession planning process established by our Board of Directors two years ago was carried out methodically and exhaustively. I could not be more pleased with the results. Paul brings not only skills and experience that complement the deep strength of our senior management group extremely well, but also a new perspective that ensures Associated will continue its three-decade history of vision, integrity and performance. Paul's values align perfectly with Associated's values, which have been the key to Associated's consistent performance and success.

"Associated's vision is to be the preferred provider of financial services to businesses and individuals in the communities we serve. That means the delivery of financial services must start with strong personal relationships in which the customer finds real value. In our discussions with Paul we have come to understand that he adheres to this view passionately. We have the utmost confidence in the continued success of Associated under his leadership," Gallagher said.

Beideman said, "The more I learn about Associated, its people, its customers, its markets and its business model, the more confident I am about its long-term prospects. Associated's key values are its associates, its communities, its customers, integrity, performance and relationships. Considering this set of values, I know Associated is truly focused on the important things, and that it has great potential. Moreover, the people and the values of the Upper Midwest make it a wonderful place to live and do business. I am excited to have the opportunity to build on Associated's history of growth and performance."

He will assume his duties in Green Bay on April 28.

Gallagher, who was named chairman of the Board of Associated in January and will remain chairman for the foreseeable future, will provide day-to-day support through a transition period.

Beideman will be introduced and make brief remarks at Associated's annual shareholder meeting April 23. The meeting is set for 11 a.m. CDT at the Meyer Theatre in downtown Green Bay. It will be webcast live. See for details.

Beideman is very active in civic affairs in Philadelphia, serving as chairman or board member on a wide range of community organizations.

Beideman holds a masters of business administration degree from Widener University in Chester, Pa.

Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with total assets of $15 billion. Associated has more than 200 banking offices serving more than 150 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

Paul Beideman bio follows:

                           Paul S. Beideman

    Paul S. Beideman was chairman of Mellon's Mid-Atlantic Region and
    a member of Mellon Financial Corporation's senior management
    committee. As chairman of Mellon's Mid-Atlantic Region, he was
    responsible for Mellon's operations in the five-county
    Philadelphia region, southern New Jersey, Delaware, Harrisburg,
    Wilkes Barre and Maryland.

    Mr. Beideman joined Mellon in 1989 as senior vice president of
    marketing, product development. He was named senior vice president
    and head of Retail Banking at Mellon PSFS in 1990 and president of
    Mellon PSFS in 1993. Before joining Mellon, Mr. Beideman served
    for 17 years for the former PSFS, a savings institution in
    Philadelphia, where he served in a variety of capacities,
    including manager of the retail office system.

    As Mellon's top local executive, Mr. Beideman oversaw Mellon's
    Mid-Atlantic based businesses and ongoing support of the region's
    nonprofit community. Mellon's support of the arts and cultural
    community in recent years has included the Pennsylvania Academy of
    the Fine Arts, the Walnut Street Theatre, the James A. Michener
    Art Museum, the Brandywine River Museum, the People's Light &
    Theatre, the Opera Company of Philadelphia, the Pennsylvania
    Ballet and many others.

    Mr. Beideman has served on several boards, including the Greater
    Philadelphia Chamber of Commerce, Philadelphia Convention and
    Visitors Bureau, Greater Philadelphia First, United Way of
    Southeastern Pennsylvania, Zoological Society of Philadelphia,
    Philadelphia Academies, Inc., World Affairs Council and Widener

    Mr. Beideman graduated from Millersville University in 1971 with a
    bachelor's degree in social sciences and holds a master's degree
    in finance from Widener University. He also completed the National
    School of Finance and Management at Fairfield University.
    CONTACT: Associated Banc-Corp
             Robert Gallagher, Chairman, 920/491-7102
             Jon Drayna, Corporate Communications, 920/491-7006

    SOURCE: Associated Banc-Corp
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