Associated Banc-Corp announces quarterly cash dividend and a stock dividend at annual shareholders' meeting.

GREEN BAY, Wis.--(BUSINESS WIRE)--April 26, 1995--Associated Banc-Corp (NASDAQ/ASBC) announced at its annual meeting held at the Paper Valley Hotel and Conference Center in Appleton, Wis.

The declaration of the company's regular quarterly cash dividend and the awarding of a 5-for-4 stock split to be effected as a stock dividend as well as the re-election of three directors with expiring terms.

H.B. Conlon, chairman and chief executive officer of Associated Banc-Corp reported that the company's board of directors approved a regular quarterly cash dividend in the amount of 27 cents ($0.27) per share. The board also approved a 5-for-4 stock split to be effected as a stock dividend.

The regular quarterly cash dividend, equal to $1.08 per share on an annual basis, is payable on May 15, 1995 to shareholders of record as of May 8, 1995. This is the 100th consecutive quarter Associated has paid a cash dividend since its origin in May of 1970.

The 5-for-4 stock split to be effected in the form of a stock dividend is payable on June 15, 1995 to shareholders of record at the close of business on June 1, 1995. Any fractional shares resulting from the dividend will be paid in cash.

It is the current intention of the board to declare dividends on the Associated Common Stock following the stock dividend, initially in the amount of 27 cents per quarter, or $1.08 per year, in each case per share. This would result in a 25 percent increase in the cash dividend in the 1995-third quarter. Shareholders should note that no such dividends have been declared and that future dividends will be determined by Associated's board in light of the earnings and financial condition of Associated and its subsidiaries.

The 25 percent stock dividend comes as the company celebrates its 25th anniversary as a bank holding company on May 1, 1995. The declaration of the dividends also follows the company's report of a 10.8 percent increase in its first quarter earnings.

In prepared remarks Conlon, assisted by Associated's Executive Vice President Robert C. Gallagher, reviewed the company's four major strategic areas of focus -- expanded customer financial relationships; revenue; growth; and, technology and telecommunications. Conlon noted that the company's strategic goals are very intertwined such that, ``Increasing the number and scope of financial relationships with each of our existing and new customers will come from the expansion of our current retail, business and trust/asset management products and services as well as the development and expansion of new products and businesses.''

``And,'' Gallagher added, ``the achievement of those objectives will be accomplished by our use of continually evolving technology and telecommunications for which we are undertaking an aggressive two to three year expansion program. All this will benefit you, our shareholders, by owning shares in a more efficient organization that is prepared for future growth and opportunities.''

Conlon concluded, ``We believe we will continue to be successful because we are taking advantage of the increasing competency and contribution of our talented associates who are committed to above-average performance; we have sufficient size to benefit from leveraging our substantially increased resources; we have a strong capital base, and, we are willing to change, improve, learn and grow to better serve our customers, shareholders, communities and associates.''

In other business, shareholders re-elected three directors with expiring terms to serve until 1998. Re-elected were: Robert Feitler, president and director of the WEYCO Group Inc. (a wholesaler and retailer of men's shoes), Milwaukee; Robert C. Gallagher, executive vice president of the company and chairman, president and chief executive officer of the company's largest banking subsidiary, Associated Bank Green Bay, N.A.; and, John C. Meng, president and chief executive officer of Schreiber Foods Inc. (a marketer of cheese and bacon products to the food service industry and retail markets nationally), Green Bay.

Directors continuing in office are: Harry B. Conlon, chairman, president and chief executive officer of Associated Banc-Corp; Ronald R. Harder, president and chief executive officer of Jewelers Mutual Insurance Company, Neenah, Wis.; John S. Holbrook, Jr., a partner in the law firm of Quarles & Brady, Madison, Wis.; William R. Hutchinson, vice president - financial operations of Amoco Corp., Chicago; James F. Janz, senior vice president, Zilber Ltd., Milwaukee; William J. Lawson, president and chief executive officer of EMPHESYS Financial Group Inc., De Pere, Wis.; and, J. Douglas Quick, president and chief executive officer of Lakeside Foods Inc., Manitowoc, Wis.

Associated Banc-Corp, headquartered in Green Bay, is a diversified multibank holding company with over 85 banking locations in Wisconsin and Illinois. The $3.23 billion company offers a variety of financially related products and services through other Associated affiliates to complement its traditional line of banking products. Associated has 12.6 million shares of common stock outstanding to approximately 5,000 registered holders.

CONTACT: Associated Banc-Corp, Green Bay

Mary K. Magyar, 414/283-2306