Associated Banc-Corp is a bank holding company headquartered in Green Bay, Wisconsin, and the largest bank holding company based in Wisconsin. Its primary subsidiary, Associated Bank, operates 184 branches across more than 100 communities, primarily in Wisconsin, Illinois, and Minnesota. Associated serves two core customer groups: commercial businesses and individual consumers. On the commercial side, Associated focuses on middle-market C&I lending — loans for working capital and equipment — alongside deposit accounts and treasury management services. On the consumer side, Associated offers checking and savings accounts, mortgages, auto loans, credit cards, and wealth management. Associated makes money primarily through net interest income — the spread between what it earns on loans and investments and what it pays on deposits. Fee income, roughly 20% of total revenue, comes from wealth management, capital markets, card fees, and mortgage banking. Associated's core strategy is a balance sheet remix: letting lower-yielding residential mortgage loans run off while growing higher-yielding relationship C&I and auto loans, which improves net interest margin without increasing credit risk. To drive commercial growth, Associated has expanded its relationship manager headcount by nearly 30% since late 2023, targeting metro markets including Chicago, Minneapolis, Kansas City, and Dallas. In November 2025, Associated announced an all-stock acquisition of American National for approximately $604M, expected to close in Q2 2026, which would strengthen Associated's position in Omaha and the Twin Cities.