GREEN BAY, Wis.--(BUSINESS WIRE)--
Associated Banc-Corp (NASDAQ:ASBC) has repurchased 2 million
shares, or approximately 1.5 percent of its outstanding common stock,
the company announced today.
The shares were purchased from Merrill Lynch International, under
an accelerated share repurchase program at $32.40 per share for a
total cost of approximately $64.8 million.
The accelerated share repurchase program enabled Associated to
purchase the shares immediately, while Merrill Lynch may purchase
shares in the market over a period of approximately two months. After
this period, the repurchased shares are subject to a purchase price
adjustment such that Associated may receive, or be required to pay, a
price adjustment based on an adjusted weighted average price as
defined in its agreement with Merrill Lynch.
After the repurchase announced today approximately 1.3 million
shares remain available under a March 2006 repurchase authorization by
its Board of Directors. After this repurchase, Associated has
approximately 128 million common shares outstanding.
Associated Banc-Corp, headquartered in Green Bay, Wis., is a
diversified bank holding company with total assets of $21 billion.
Associated has more than 320 banking offices serving more than 180
communities in Wisconsin, Illinois, and Minnesota. The company offers
a full range of traditional banking services and a variety of other
financial products and services. More information about Associated
Banc-Corp is available at www.associatedbank.com.
Statements made in this document that are not purely historical
are forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. This includes any statements regarding
management's plans, objectives, or goals for future operations,
products or services, and forecasts of its revenues, earnings, or
other measures of performance. Forward-looking statements are based on
current management expectations and, by their nature, are subject to
risks and uncertainties. These statements may be identified by the use
of words such as "believe," "expect," "anticipate," "plan,"
"estimate," "should," "will," "intend," or similar expressions.
Outcomes related to such statements are subject to numerous risk
factors and uncertainties including those listed in the company's
Annual Report filed on Form 10-K.
Source: Associated Banc-Corp
Contact: Associated Banc-Corp
Investors:
Joe Selner, Chief Financial Officer
920-491-7120
or
Media:
Cindy Moon-Mogush, Corporate Communications
920-431-8034