Form 4: CEO Harmening Boosts ASB Stake via Dividend Reinvestment

Associated Banc-Corp's President and CEO, Andrew J. Harmening, acquired additional common stock through a dividend reinvestment plan.

Summary

• Andrew J. Harmening, President & CEO and Director of Associated Banc-Corp (ASB), acquired 2,188.702 shares of common stock.
• The acquisition occurred on December 15, 2025, at a price of $27.0496 per share.
• This transaction was a dividend reinvestment, as indicated by transaction code "J".
• Following this transaction, Harmening beneficially owns a total of 326,026.01 shares of Associated Banc-Corp common stock.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 6

Explanation: The acquisition of shares by the CEO, even through a routine dividend reinvestment, generally signals continued confidence in the company. The transaction being under a 10b5-1 plan indicates it was pre-scheduled rather than a discretionary open market purchase, which tempers the positive sentiment slightly compared to a direct discretionary buy.

Positives

• The acquisition of additional shares by the President and CEO, even through dividend reinvestment, demonstrates continued investment and alignment with shareholder interests.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned, non-discretionary acquisition.

Negatives

• No negative information is disclosed in this Form 4 filing.

Risks

• This Form 4 filing does not disclose any specific risks.

Future Outlook

This filing does not contain any forward-looking statements or guidance.

Industry Context

Insider transactions, such as dividend reinvestments, are common in the financial services industry. While not a discretionary open market purchase, a CEO's continued participation in a dividend reinvestment plan can be viewed as a routine sign of confidence in the company's performance and dividend policy, aligning management's interests with those of long-term shareholders.

Management Changes

Stakeholder Impact

• Shareholders may view the CEO's continued investment, even through a dividend reinvestment plan, as a minor positive signal of confidence in the company's long-term prospects.
• No direct impact on employees, customers, suppliers, or creditors is indicated by this filing.

Key Dates

Recommendation

This Form 4 reports a routine dividend reinvestment by the CEO under a 10b5-1 plan. While it shows continued investment, it is not a discretionary open market purchase that would typically signal strong conviction for a 'buy' or 'sell' recommendation. Therefore, it does not provide new information significant enough to alter an existing investment thesis, warranting a 'hold' recommendation based solely on this filing.

Keywords

Associated Banc-Corp, ASB, Form 4, Insider Transaction, Dividend Reinvestment, Andrew J. Harmening, Common Stock, CEO, Director, 10b5-1 Plan