Form 4: Director Robert Jeffe Boosts ASB Stake with Stock Acquisitions

Associated Banc-Corp Director Robert A. Jeffe acquired additional common stock and phantom stock units, increasing his beneficial ownership.

Summary

• Robert A. Jeffe, a Director of Associated Banc-Corp (ASB), acquired additional shares of common stock and phantom stock units on December 15, 2025.
• He acquired 45 shares of common stock at a price of $26.94 per share, which were dividend equivalent units vesting on the first anniversary of their related restricted stock units.
• Following this transaction, his direct beneficial ownership of common stock increased to 47,948 shares.
• On the same date, he acquired an additional 377 shares of common stock at $26.94 per share, representing fully vested dividend equivalents on restricted stock units.
• After this second transaction, his direct beneficial ownership of common stock totaled 48,325 shares.
• Jeffe also acquired 90,417.557 phantom stock units, which are 100% vested at the time of acquisition and held in the Director's Deferred Compensation Plan.

Sentiment

Score: 7

Explanation: The filing indicates a director increasing their beneficial ownership through compensation-related stock acquisitions, which is generally a positive signal of insider confidence and alignment with shareholder interests. The transactions are routine and expected for director compensation.

Positives

• A Director, Robert A. Jeffe, increased his beneficial ownership in Associated Banc-Corp, signaling insider confidence in the company's future.
• The acquisitions include dividend equivalent units and fully vested restricted stock units, indicating ongoing equity compensation and alignment of management interests with shareholders.
• Phantom stock units acquired are 100% vested, providing immediate equity interest to the director.

Future Outlook

Dividend equivalent units will vest on the first anniversary of their grant and are payable solely in shares of common stock, subject to deferral if elected. Fully vested dividend equivalents received on restricted stock units are payable solely in shares of common stock following the date the insider ceases serving as a director. Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed pursuant to the insider's distribution elections.

Industry Context

Insider buying, particularly through compensation mechanisms, is generally viewed as a positive indicator by the market, suggesting management's confidence in the company's future performance. For a regional bank like Associated Banc-Corp, such transactions by a director reinforce stability and alignment of interests with shareholders within the dynamic financial services sector.

Stakeholder Impact

• Shareholders: Increased insider ownership may signal confidence in the company's future, potentially boosting investor sentiment and aligning director interests with shareholder value creation.

Next Steps

• Dividend equivalent units will vest on the first anniversary of their grant.
• Fully vested dividend equivalents on restricted stock units will be payable in common stock after Robert A. Jeffe ceases serving as a director.
• Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed according to Jeffe's elections.

Key Dates

Recommendation

This Form 4 reports routine compensation-related stock acquisitions by a director. While insider buying can be a positive signal, these transactions are part of an established compensation plan rather than discretionary open-market purchases. They do not provide new fundamental information to warrant a change in investment recommendation, thus a 'hold' stance is appropriate for existing investors.

Keywords

Associated Banc-Corp, ASB, Robert A. Jeffe, Director, Insider Trading, Stock Acquisition, Common Stock, Phantom Stock Units, SEC Form 4, Beneficial Ownership, Equity Compensation