Recent Developments Recent Developments Details (Notes)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Recent Developments

Note 24 Recent Developments

On January 5, 2021, Associated entered into an agreement to sell its wealth management subsidiary Whitnell to Rockefeller and form a strategic partnership with Rockefeller. At January 31, 2021, Whitnell had over $1.5 billion in assets under management, assets under advisement, and assets reported on and approximately 25 employees. The transaction is expected to close during March 2021.

On January 21, 2021, the Corporation announced that President and CEO Philip B. Flynn had informed the Board of Directors of his plans to retire at the end of 2021. The Board has commenced a search for a permanent successor under the oversight of the Succession Planning Committee of the Board and with the assistance of Diversified Search Group. Mr. Flynn will continue as President and CEO until a successor is in place, at which time he will step down from both roles and from the Board of Directors. Mr. Flynn will continue to be available to the new CEO in an advisory capacity and as an ambassador for the Bank.

In the first quarter of 2021, the Corporation resumed its share repurchase program which had been suspended in March 2020 due to the economic fallout of the COVID-19 pandemic.

On February 2, 2021, the Corporation's Board of Directors declared a regular quarterly cash dividend of $0.18 per common share, payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3828125 per depositary share on Associated's 6.125% Series C Perpetual Preferred Stock, payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3359375 per depositary share on Associated's 5.375% Series D Perpetual Preferred Stock, payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on March 15, 2021 to shareholders of record at the close of business on March 1, 2021.