Associated Banc-Corp announced plans for the expansion of its lending capabilities, growth of its core businesses, and transformation of its digital strategy. These plans include new higher-margin lending verticals and digital investments which are expected to increase the pace of growth while creating positive operating leverage and enhancing customer experience.
Associated today announced the further build out of its auto finance vertical, the broadening of its asset-based lending team and the formation of a new equipment finance vertical.
Progress on the new equipment finance vertical has been initiated with a full launch anticipated in Q1/22. The new vertical will be supported by a team of multiple specialists with hiring expected to begin in Q4/21, positioning the company to quickly stand-up production. This new vertical further broadens the company’s commercial loan mix and provides meaningful opportunities to deepen relationships with its existing Midwest manufacturing client base.
The company has deepened its existing asset-based lending team by hiring Raymond Temple to lead this team. Raymond brings more than 25 years of experience and is expected to lead a team of multiple colleagues by year-end.
“Given the strength of our Midwest markets and our already solid foundation, we have a significant opportunity to strategically drive revenue growth across our core business lines while also expanding our portfolio,” Andy Harmening, president and CEO, Associated Bank, said. “Building on our momentum over the last 120 days and capitalizing on the strengths of our franchise, our growth focused and digital forward initiatives will position us to deliver higher shareholder returns.”
The company is also focused on accelerating its core Commercial Middle Market lending, enhancing its Small Business and Consumer Direct lending, and furthering its Wealth strategy. Strategic efforts to date have focused on recruiting and promoting experienced talent to drive these core initiatives.
The company is expanding its core Commercial Middle Market teams in Milwaukee, Chicago and Northern Wisconsin. Recently joining the Associated Bank Commercial Banking teams are:
Associated is enhancing its Small Business lending team by promoting Andrew Brueggeman, SVP, to build out and lead the bank’s Small Business Administration (SBA) lending program and drive significantly increased activity. Brueggeman was instrumental in the company’s paycheck protection program (PPP) activity, which originated over $1.4 billion in new loans over the course of a year.
To further the company’s digital transformation, Associated has promoted Doug Peacock to SVP and head of digital delivery. He will lead the bank’s digital delivery strategy while driving a comprehensive digital roadmap across the consumer and business bank.
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