S&P upgrades Associated Banc-Corp
In another milestone for its recovery from the Great Recession, Associated Banc-Corp, the $21 billion regional bank headquartered in Green Bay, has received a credit rating upgrade from Standard & Poor’s Ratings Services (S&P).
S&P raised its rating on Associated Banc-Corp to “BBB-” from “BB-“, and banking subsidiary Associated Bank N.A., to “BBB” from “BB+”.
In their remarks, S&P cited Associated’s improved balance sheet, profitability and strong capital position. They also noted the long-term strategy to reduce and manage risk should benefit future profitability.
Associated’s first-quarter results showed continued improvement in credit quality along with significant declines in loan-loss provisioning and nonperforming assets (NPAs) since last year, resulting in first-quarter profitability, and marking the third consecutive quarter of net profit.
"Associated is viewing this upgrade as affirmation of the great work our colleagues have done to understand and address those issues most pressing to our company and our customers over the past year and a half, " said Associated president and chief executive officer Philip Flynn. "Our colleagues have been committed to returning Associated to its rightful place as a strong and profitable organization."
In addition to the S&P ratings upgrade and three consecutive quarters of profitability, Associated has embarked on a retail branch upgrade plan, maintained its seven-year run as Wisconsin’s No. 1 SBA lender and three-year run as the state’s top mortgage originator.
The parent company of Associated Bank also announced an exclusive sponsorship agreement with Super Bowl-winning Green Bay Packers’ quarterback Aaron Rodgers.
"In order to be the most admired Midwestern financial services company, we have to exceed our customers’ expectations while adding value to our shareholders and being committed to the communities in which we serve. We are on a continual road of improvement," Flynn said.
When BMO Financial Group of Canada closes on its acquisition of Milwaukee-based Marshall & Ilsley Corp., Associated will become the largest Wisconsin-based bank.
