Associated Banc-Corp Completes the Repurchase of $262.5M of TARP Preferred Stock

Associated Banc-Corp ASBC announced today that it has completed the repurchase of 262,500 shares of the Series A Preferred Stock that it issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program (TARP) Capital Purchase Program. Associated Banc-Corp paid the U.S. Treasury a total of $262.5 million, plus an accrued dividend of $1.9 million. The partial repurchase represents half of the $525 million the company received under the Capital Purchase Program. On March 28, 2011, Associated Banc-Corp completed a public offering and sale of $300 million of 5.125 percent senior notes due 2016. A portion of the net proceeds from the offering was used to repurchase the shares of Series A Preferred Stock.