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Associated declares common and prefereed stock dividends and stock repurchase programme of up to USD125m and results of annual meeting 2015.

M2 EQUITYBITES-April 22, 2015-Associated declares common and prefereed stock dividends and stock repurchase programme of up to USD125m and results of annual meeting 2015

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A Midwest banking franchise offering a full range of financial products and services, Associated Banc-Corp (NYSE:ASB) disclosed on Tuesday the results of the actions taken at its 2015 annual shareholders' meeting, quarterly cash dividends on its of USD0.10 per share and a stock buy back programme of up to USD125m common stock.

At the meeting, the shareholders re-elected director William R Hutchinson, the company's chairman of the baord and president of WR Hutchinson & Associates Inc; Philip B Flynn, the president and chief executive officer (CEO) of the company; John F Bergstrom, chairman and CEO of Bergstrom Corp; Ruth M Crowley, executive vice president of Summit Resources International; R Jay Gerken, director of 18 mutual funds associated with Sanford C Bernstein Fund Inc; Robert A Jeffe, managing partner and founder of Source Rock Energy Partners; Eileen A Kamerick, chief financial officer of ConnectWise.com Inc; Richard T Lommen, chairman of Courtesy Corp; Cory L Nettles, founder and managing director of Generation Growth Capital Inc; J Douglas Quick, chairman of Lakeside Foods Inc; Karen T van Lith, business consultant; and John (Jay) B Williams, chairman of Milwaukee Public Museum.

Further, the shareholders also approved the compensation for the named executive officer and ratified the appointment of KPMG LLP as the company's independent accounting firm for 2015.

Also, the company's board of directors approved a regular quarterly cash dividend of USD0.10 per share on the company's common stock and USD0.50 per depositary share on its 8.00% series B perpetual preferred stock, both of which will be paid on 15 June 2015 to shareholders of record at the close of business on 1 June 2015.

Finally, the board authorised the repurchase of up to USD125m common stock in addition to the earlier programme declared on 28 October 2014, of which about USD46m remains that equals an estimated USD171m in the aggregate. The stock are subject to regulatory limitations and may occur regularly in open market purchases, block transactions, accelerated share repurchase programmes or similar facilities, the company added.

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Publication:M2 EquityBites (EQB)
Date:Apr 22, 2015
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