Associated Bank announces $ 3.37 billion community engagement
Three-year engagement plan designed to help communities thrive
GREEN BAY, Wisconsin., April 7, 2021 / PRNewswire / – Associated Bank, NA today announced its $ 3.37 billion Community engagement plan (Plan) focused on helping the communities it serves through Wisconsin, Minnesota and Illinois. This is a 40% increase from the 2018-2020 plan and the organization’s largest commitment to date. The plan sets out the company’s three-year commitment to helping communities grow and prosper through strong financial services, volunteerism and community investments.
Highlights of Associated’s commitments include:
$ 2.4 billion in residential mortgages and $ 15 million as a down payment and assistance with closing costs to support low to moderate income (LMI) and minority borrowers and / or majority minority geographic areas.
$ 350 million in small business loans to support the growth of businesses with revenues of $ 1.6 million or less, businesses requiring loans of $ 1.6 million or less in LMI or minority census tracts, and businesses leveraging SBA loan programs.
$ 600 million in community development loans and investments supporting economic development, affordable housing, small business growth, and loans to non-profit organizations that support LMI communities.
$ 8 million in the form of philanthropic grants and / or in-kind donations eligible under the Community Reinvestment Act (CRA).
14,000 hours of CRA qualified volunteer work.
“Associated Bank is committed to playing an active role in helping our communities grow and prosper. We are proud to continue to increase our efforts and investments for the greater good. It is at the heart of who we are and our way of working, “said Philippe B. Flynn, President and CEO of Associated Bank. “We have immersed ourselves in our communities, working with community advisory boards in each of our major markets to address the most systemic economic development and equity issues.”
An important part of Associated Bank is focused on creating a more inclusive and equitable environment by improving the workforce, strengthening its markets and fostering a culture of belonging for its colleagues, clients and communities. that they serve.
“Associated is committed to serving members of its community. The basis of our approach is to ensure that minority and LMI communities have access to financial products and services and Associated Bank does this by giving our time through the volunteer work of our colleagues and by strengthening our communities through our financial resource offering ” said LaDonna Reed, director of community responsibility, Associated Bank.
The plan is an extension and elevation of a similar three-year plan that Associated Bank committed to in 2018. Some of the 2018-2020 results include: over 9,500 or approximately residential mortgages $ 1.8 billion loans to help LMI and minority families access homeownership; more … than $ 570 million in small business loan commitments; and more than $ 952 million in community development loans and investments to create affordable housing options, support community services and promote economic development in our markets.
A copy of the 2021-2023 Plan is available on https://www.associatedbank.com/pdf/CommunityCommitmentPlan.pdf
ABOUT ASSOCIATE BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $ 33 billion and is one of the top 50 publicly traded US bank holding companies. Based at Green Bay, Wisconsin, Associated is a leading banking franchise in the Midwest, providing a full range of financial products and services from more than 220 banking institutions serving more than 120 communities across Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, NA is an equal housing lender, an equal opportunity lender, and a member of the FDIC. More information on Associated Banc-Corp is available at www.associatedbank.com.
Media contact: Jennifer kaminski
Vice-president | Senior Director of Public Relations
920-491-7576 | [email protected]
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SOURCE Partner Banc-Corp