GREEN BAY, Wis. - Associated Banc-Corp (NYSE: NYSE:ASB) disclosed today that Tammy C. Stadler, the company's Executive Vice President, Corporate Controller, and Chief Accounting Officer, is set to retire on July 15, 2024.
Following her retirement, Stadler will continue to serve in a consultative role until September 1, 2024, to ensure a smooth handover of her responsibilities. Ryan Beld, the current Assistant Controller, is slated to succeed Stadler in her roles.
Beld, who joined Associated Banc-Corp in 2020, previously held a senior financial analyst position at Northwestern (NASDAQ:NWE) Mutual and is a Certified Public Accountant (CPA). His prior experience includes a six-year tenure at KPMG LLP, from 2012 to 2018.
In his new capacity, Beld will directly report to Derek S. Meyer, the Chief Financial Officer of Associated Banc-Corp. Meyer expressed confidence in Beld's promotion, citing his extensive experience and capability as the key attributes for his appointment.
Stadler's retirement concludes a notable 28-year tenure with Associated Banc-Corp. Andrew Harmening, the President and CEO, acknowledged her significant contributions and leadership, emphasizing the company's gratitude for her role in the organization and support during the upcoming transition.
Associated Banc-Corp, with total assets of $41 billion, stands as the largest bank holding company headquartered in Wisconsin. The corporation operates a prominent Midwest banking franchise, providing a comprehensive range of financial services across nearly 200 banking locations in Wisconsin, Illinois, and Minnesota, along with loan production offices in several other states.
This announcement is based on a press release statement from Associated Banc-Corp. It should be noted that forward-looking statements in the release are not guarantees of future performance and are subject to various factors, risks, and uncertainties that could cause actual results to differ from expectations.
These statements are identified by terms such as "believe," "expect," "anticipate," and similar expressions, and are subject to risks outlined in the company's SEC filings.
In other recent news, Associated Banc-Corp has been making notable strides in its executive team and financial performance. The company recently welcomed Chun Schiros as the new Senior Vice President and Chief Analytics Officer, a move set to enhance the bank's data access and utilization in various business sectors. Schiros, previously at Regions Bank, has been recognized for her contributions in data science and advanced analytics by industry authorities.
Simultaneously, Rodney Jones-Tyson has been elected to Associated Banc-Corp's Board of Directors. Jones-Tyson's extensive background in human resources and operations leadership, as well as his experience as the Global Chief Human Resources Officer at Robert W. Baird & Co., is expected to bring valuable insight to the company's strategic planning and growth initiatives.
In terms of financial performance, Associated Banc-Corp reported steady growth in its first quarter 2024 earnings. The company saw positive developments in household numbers, loans, and core customer deposits. Furthermore, the company forecasts loan growth of 4-6%, deposit growth of 3-5%, and net interest income growth of 2-4% for 2024.
These recent developments indicate that Associated Banc-Corp is actively executing its strategic plan, with a focus on customer acquisition, relationship deepening, and return enhancement. The full impact of these growth initiatives is anticipated to materialize in late 2024 and into 2025.
InvestingPro Insights
As Associated Banc-Corp (NYSE: ASB) prepares for a leadership transition with Tammy C. Stadler's retirement and Ryan Beld's appointment, investors may find the following insights from InvestingPro particularly relevant. The company, known for its substantial presence in the Midwest banking sector, has a market capitalization of $3.06 billion and a P/E ratio of 20.37, reflecting investor valuation of its earnings.
One of the notable InvestingPro Tips for ASB is its commendable track record of raising its dividend for 12 consecutive years, demonstrating a commitment to shareholder returns. Moreover, the company has maintained dividend payments for an impressive 50 consecutive years. This consistency is a positive sign for investors looking for stable income streams, especially considering the current dividend yield of 4.33%, which is attractive in today's market environment.
InvestingPro Data highlights a recent dip in revenue growth, with a -20.51% change over the last twelve months as of Q1 2024. Despite this, analysts predict that the company will remain profitable this year, a sentiment supported by the fact that ASB has been profitable over the last twelve months. This profitability, coupled with a price/book ratio of 0.77, suggests that the company's stock is potentially undervalued relative to its assets.
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With the next earnings date set for July 18, 2024, investors will be watching closely to see how the company's financials reflect the recent changes and whether the new leadership can continue to uphold the company's strong dividend history and navigate through the challenges presented by the current revenue trends.
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