ASSOCIATED BANC-CORP
Q1 2025 Form 13-F

GREEN BAY, WISCONSIN
CIK 0000007789 · Publicly traded company
$3.3B Reported Value Total
Reported value
$3.3B
Quarter over quarter
-1.8%
Holdings
319
Top-10 concentration
31.4%

Filing Structure

Reports holdings for

  • Associated Trust Company N A · File #028-20327 · Q1 2024 – Q1 2025 · declared by one filing
  • Associated Trust Company, National Association (not a 13F filer in our records) · File #28-20327 · Q2 2020 – Q3 2022 · declared by one filing
  • Whitnell & Co (not a 13F filer in our records) · File #28-15153 · Q1 2020 – Q4 2020 · declared by one filing
  • Associated Trust Company, National Association (not a 13F filer in our records) · Q1 2020 – Q1 2020 · declared by one filing
  • Associated Trust Company, National Association (not a 13F filer in our records) · File #28-00967 · Q2 2013 – Q4 2019 · declared by one filing

Holdings reported by

Key People

Directors & officers from Form 4 filings
Harmening Andrew J
President & CEO
Kitowski Nicole M
Executive Vice President
Manso Julio
EVP, CHRO
Utz John A.
Executive Vice President
Williams Terry Lynn
Chief Information Officer
Zandpour Steven S.
EVP

Description and Activity

Associated Banc-Corp is a bank holding company headquartered in Green Bay, Wisconsin. It is recognized as the largest bank holding company based in the state. The company’s primary subsidiary is Associated Bank, a nationally chartered commercial bank that operates predominantly across the upper Midwest. The company extends its services through 196 banking branches and is organized into three main segments: Corporate and Commercial Specialty, Community, Consumer, and Business, and Risk Management and Shared Services.

Associated Banc-Corp offers a broad range of banking and non-banking products and services to individuals, businesses, and institutions. These include deposit accounts, mortgage origination and servicing, consumer credit products, investment products, and insurance services. The company’s business model is relationship-driven, emphasizing personalized service to its clientele.

The company operates in a heavily regulated environment, adhering to various federal and state laws and regulations. It is subject to oversight by multiple regulatory bodies, including the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). These regulations encompass aspects such as capital requirements, safety and soundness standards, consumer protection, and anti-money laundering measures.

Financial stability and risk management are critical to Associated Banc-Corp’s operations. The bank is required to maintain certain capital and liquidity levels and to conduct stress testing and liquidity assessments. Its risk management practices involve the implementation of internal controls and policies to mitigate risks associated with lending, investment activities, and regulatory compliance.

The company is also actively engaged in sustainability and environmental initiatives. It has established an Environmental Sustainability Risk Policy and a Sustainability Committee to oversee and manage risks related to climate change and to identify priorities for sustainability initiatives.

Overall, Associated Banc-Corp operates a comprehensive financial services business with a strong focus on community engagement and regulatory compliance. Its diverse range of services and commitment to risk management position it as a significant player in the Midwest banking sector.

Company description summarized from 10-K filing.

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Q1 2025 13F record

Q1 2025 13F filing summary

Q1 2025 Form 13F portfolio summary
Period of report March 31, 2025
Filed May 09, 2025
Form 13F-HR
Reported value $3.3B
Positions 319
Change in reported value -1.2%
New positions 18
Exited positions 16
Position turnover 10.2%
Top-10 concentration 31.4%

13F filings by quarter

Form 13F filings by quarter
Quarter Positions Value
Q3 2026 13F
Filed Oct 30, 2026
353 $4.2B
Q2 2026 13F
Filed Jul 31, 2026
380 $4.2B
Q1 2026 13F
Filed May 1, 2026
331 $3.8B
Q4 2025 13F
Filed Feb 6, 2026
332 $3.9B
Q3 2025 13F
Filed Oct 24, 2025
339 $3.8B
Q2 2025 13F
Filed Aug 12, 2025
321 $3.5B
Q1 2025 13F
Filed May 9, 2025
319 $3.3B
Q4 2024 13F
Filed Feb 10, 2025
317 $3.3B
Q3 2024 13F
Filed Nov 13, 2024
328 $3.4B
Q2 2024 13F
Filed Aug 1, 2024
315 $3.2B
Q1 2024 13F
Filed May 9, 2024
313 $3.2B
Q4 2023 13F
Filed Feb 9, 2024
309 $2.9B
Q3 2023 13F
Filed Nov 9, 2023
303 $2.6B
Q2 2023 13F
Filed Aug 7, 2023
308 $2.6B
Q1 2023 13F
Filed May 9, 2023
310 $2.5B
Q4 2022 13F
Filed Feb 10, 2023
304 $2.4B
Q3 2022 13F
Filed Nov 9, 2022
292 $2.2B
Q2 2022 13F
Filed Aug 10, 2022
299 $2.3B
Q1 2022 13F
Filed May 11, 2022
318 $2.6B
Q4 2021 13F
Filed Feb 10, 2022
325 $2.7B

34 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q1 2025

Largest Q1 2025 13F positions by reported value
# Holding Reported value % of portfolio
1 MSFT MICROSOFT CORP $164.8M 5.03%
2 AAPL APPLE INC $139.8M 4.26%
3 GOOGL ALPHABET INC $115.7M 3.53%
4 NVDA NVIDIA CORPORATION $106.0M 3.23%
5 JPM JPMORGAN CHASE & CO. $98.2M 3.0%
6 AMZN AMAZON COM INC $96.6M 2.95%
7 FISV FISERV INC $86.7M 2.64%
8 PM PHILIP MORRIS INTL INC $86.3M 2.63%
9 LRCX LAM RESEARCH CORP $70.0M 2.14%
10 KMB KIMBERLY-CLARK CORP $64.4M 1.96%
11 XOM EXXON MOBIL CORP $62.3M 1.9%
12 NOW SERVICENOW INC $58.2M 1.77%
13 ASB ASSOCIATED BANC CORP $56.9M 1.73%
14 BRK-B BERKSHIRE HATHAWAY INC DEL $48.1M 1.47%
15 RTX RTX CORPORATION $45.7M 1.39%
16 LLY ELI LILLY & CO $45.0M 1.37%
17 META META PLATFORMS INC $43.9M 1.34%
18 VO VANGUARD INDEX FDS $41.4M 1.26%
19 PG PROCTER AND GAMBLE CO $40.9M 1.25%
20 MDLZ MONDELEZ INTL INC $40.0M 1.22%

Values as reported on the Q1 2025 Form 13F. Every position is in the holdings table below.

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