GREEN BAY, Wis., May 22, 2015 /PRNewswire/ -- Associated
Bank, N.A. (Associated Banc-Corp (NYSE: ASB)) today entered into a
conciliation agreement with the U.S. Department of Housing and
Urban Development (HUD). This agreement resolves HUD's
investigation into the company's lending practices between 2008 and
2011.
The agreement requires a number of actions by Associated that
are a continuation of its existing community lending and education
efforts.
"Associated is pleased to have concluded these discussions and
will fully comply with the agreement. Doing so aligns with our
ongoing commitment to our customers and communities where we do
business," said Philip B. Flynn,
president and CEO.
"We agree with HUD that we can improve our performance in some
of the communities and neighborhoods we serve. We remain committed
to the promotion of home ownership and lending in those areas,"
Flynn said.
The company has already implemented a number of enhancements to
its lending practices and will implement others as designated and
scheduled in the agreement.
Over the next three years, Associated will complement its
existing lending programs and market strategies with additional
initiatives. They include enhanced training, a new branch location
and loan production offices, expanded special financing programs
and affordable home repair grants. The company will drive increased
awareness of these community-based programs through additional
affirmative marketing outreach programs and financial education
efforts.
When combined with the company's current lending efforts, these
commitments will generate almost $200
million in new loans in targeted areas over the next 3
years.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE:
ASB) has total assets of $27 billion
and is one of the top 50 publicly traded U.S. bank holding
companies. Headquartered in Green
Bay, Wis., Associated is a leading Midwest banking
franchise, offering a full range of financial products and services
in over 200 banking locations serving more than 100 communities
throughout Wisconsin, Illinois and Minnesota, and commercial financial services
in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal
Housing Lender, Equal Opportunity Lender and Member FDIC. More
information about Associated Banc-Corp is available at
www.associatedbank.com.
Contact: Cliff
Bowers
Senior Vice
President
Public Relations
Director
920-491-7542
phone
920-241-0371
CELL
Clifford.Bowers@AssociatedBank.com
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SOURCE Associated Banc-Corp