-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MYDrTwxS+IJK3Wynd2SeXAwR1MtsnVKVg9c4jj4cYn4LMJTRv6ZKW8F9pHixTD7v dM+1/ljnQxPEt80olaxgBw== 0000007789-97-000031.txt : 19970630 0000007789-97-000031.hdr.sgml : 19970630 ACCESSION NUMBER: 0000007789-97-000031 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970627 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSOCIATED BANC-CORP CENTRAL INDEX KEY: 0000007789 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 391098068 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-05519 FILM NUMBER: 97630970 BUSINESS ADDRESS: STREET 1: 112 NORTH ADAMS ST STREET 2: P O BOX 13307 CITY: GREEN BAY STATE: WI ZIP: 54301 BUSINESS PHONE: 4144333166 MAIL ADDRESS: STREET 1: 112 NORTH ADAMS STREET STREET 2: P O BOX 13307 CITY: GREEN BAY STATE: WI ZIP: 54307-3307 FORMER COMPANY: FORMER CONFORMED NAME: ASSOCIATED BANK SERVICES INC DATE OF NAME CHANGE: 19770626 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to ------- ------- Commission file number 0-5519 (Associated Banc-Corp) A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive officer: ASSOCIATED BANC-CORP 112 North Adams Street P.O. Box 13307 Green Bay, Wisconsin 54307-3307 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Associated Banc-Corp Retirement Program Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN /s/ Richard H. Langer ------------------------------------------ Richard H. Langer, Chairman Retirement Program Committee ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Financial Statements and Schedules December 31, 1996 and 1995 (With Independent Auditors' Report Thereon) ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN TABLE OF CONTENTS - -------------------------------------------------------------------------------- Page(s) - -------------------------------------------------------------------------------- Independent Auditors' Report Statement of Net Assets Available for Plan Benefits, December 31, 1996 Statement of Net Assets Available for Plan Benefits, December 31, 1995 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1996 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1995 Notes to Financial Statements Item 27a - Schedule of Assets Held for Investment Purposes, December 31, 1996 Item 27d - Schedule of Reportable Transactions, Year Ended December 31, 1996 Independent Auditors' Report The Board of Directors Associated Banc-Corp Profit Sharing and Retirement Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan (Plan) as of December 31, 1996 and 1995, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1996 and 1995, and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1996 and reportable transactions for the year then ended are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information on the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits of each fund for the years ended December 31, 1996 and 1995. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. June 6, 1997 ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1996 - -------------------------------------------------------------------------------- Principal Balanced Preservation Fixed Income Common Fund Fund Fund Stock Fund - -------------------------------------------------------------------------------- Assets: Investments: Common trust funds 2,450,729 --- --- 26,628,386 Government securities 10,725,732 --- 1,710,840 --- Corporate bonds --- --- --- --- Common stocks 11,248,091 --- 3,358,890 --- Loans to participants --- --- --- --- - -------------------------------------------------------------------------------- Total investments 24,424,552 --- 5,249,730 26,628,386 Cash and cash equivalents 562,247 5,268,007 152,356 719,973 Accrued interest and dividends receivable 188,814 23,342 94,838 1,285 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 863,503 402,954 242,129 1,148,304 Participant contributions receivable --- --- --- --- Due from (to) other funds 29,460 (18,798) (4,000) 15,315 Other (3,056) (642) (667) (3,320) - -------------------------------------------------------------------------------- Net assets available for plan benefits 26,065,520 5,674,863 5,734,386 28,509,943 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1996 - -------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - -------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,911,338 --- 31,990,453 Government securities --- --- --- 12,436,572 Corporate bonds --- 25,007 --- 3,563,897 Common stocks 25,351,675 --- 355,892 36,955,658 Loans to participants --- --- 344,998 344,998 - -------------------------------------------------------------------------------- Total investments 25,351,675 3,292,237 344,998 85,291,578 Cash and cash equivalents 202,772 135,838 43,168 7,084,361 Accrued interest and dividends receivable 206 2,966 3,784 315,235 Cash surrender value of insurance --- --- 467,404 467,404 Employer contribution receivable 1,283,110 --- --- 3,940,000 Participant contributions receivable --- --- --- --- Due from (to) other funds 4,693 --- (26,670) --- Other (3,102) (352) 2,590 (8,549) - -------------------------------------------------------------------------------- Net assets available for plan benefits 26,839,354 3,430,689 835,274 97,090,029 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1995 - -------------------------------------------------------------------------------- Principal Balanced Preservation Fixed Income Common Fund Fund Fund Stock Fund - -------------------------------------------------------------------------------- Assets: Investments: Common trust funds 2,245,110 --- --- 19,372,188 Government securities 7,096,332 --- 1,817,913 --- Corporate bonds 307,080 --- 3,457,591 --- Common stocks 10,363,213 --- --- --- Loans to participants --- --- --- --- - -------------------------------------------------------------------------------- Total investments 20,011,735 --- 5,275,504 19,372,188 Cash and cash equivalents 1,151,878 5,154,378 463,742 278,920 Accrued interest and dividends receivable 134,639 24,697 80,901 1,478 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 843,098 493,618 268,157 986,235 Participant contributions receivable --- --- --- --- Due from (to) other funds 60,583 13,560 12,314 43,915 Other (2,377) (516) (650) (2,193) - -------------------------------------------------------------------------------- Net assets available for plan benefits 22,199,556 5,685,737 6,099,968 20,680,543 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1995 - -------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - -------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,776,044 --- 24,393,342 Government securities --- 66,075 --- 8,980,320 Corporate bonds --- 25,352 --- 3,790,023 Common stocks 22,925,689 400,663 --- 33,689,565 Loans to participants --- --- 294,218 294,218 - -------------------------------------------------------------------------------- Total investments 22,925,689 3,268,134 294,218 71,147,468 Cash and cash equivalents 22,584 150,420 239,679 7,461,601 Accrued interest and dividends receivable 366 5,018 1,218 248,317 Cash surrender value of insurance --- --- 492,155 492,155 Employer contribution receivable 1,185,060 --- --- 3,776,168 Participant contributions receivable --- --- 19,277 19,277 Due from (to) other funds 38,722 --- (169,094) --- Other (5,921) (305) (679) (12,641) - -------------------------------------------------------------------------------- Net assets available for plan benefits 24,166,500 3,423,267 876,774 83,132,345 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1996 - -------------------------------------------------------------------------------- Principal Balanced Preservation Fixed Income Common Fund Fund Fund Stock Fund - -------------------------------------------------------------------------------- Additions: Investment income: Net realized and unrealized gains/(losses) 1,972,568 --- (200,577) 4,506,788 Interest and dividends 795,914 283,787 353,753 42,279 - -------------------------------------------------------------------------------- Subtotal 2,768,482 283,787 153,176 4,549,067 Participant contributions 437,778 145,106 119,130 618,726 Employer contributions 863,503 402,954 242,129 1,148,304 Rollover contributions 428,293 22,549 42,605 159,955 Interfund transfers (296,120) (353,689) (705,514) 1,675,600 Other 98,075 (34,315) (2,588) 50,513 Transfers from other plans 339,089 190,213 77,662 678,367 - -------------------------------------------------------------------------------- Total additions 4,639,100 656,605 (73,400) 8,880,532 Deductions: Distributions to participants 671,112 649,933 267,123 922,276 Administrative expenses 102,024 17,546 25,059 128,856 - -------------------------------------------------------------------------------- Total deductions 773,136 667,479 292,182 1,051,132 Net increase/(decrease) in net assets available for plan benefits 3,865,964 (10,874) (365,582) 7,829,400 Net assets available for plan benefits: Beginning of year 22,199,556 5,685,737 6,099,968 20,680,543 - -------------------------------------------------------------------------------- End of year 26,065,520 5,674,863 5,734,386 28,509,943 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1996 - -------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - -------------------------------------------------------------------------------- Additions: Investment income: Net realized and unrealized gains/(losses) 1,037,136 277,294 --- 7,593,209 Interest and dividends 679,839 32,141 30,533 2,218,246 - -------------------------------------------------------------------------------- Subtotal 1,716,975 309,435 30,533 9,811,455 Participant contributions 716,074 --- --- 2,036,814 Employer contributions 1,283,110 --- --- 3,940,000 Rollover contributions 279,437 --- --- 932,839 Interfund transfers (320,277) --- --- --- Other 19,521 --- 114,819 246,025 Transfers from other plans 336,679 --- --- 1,622,010 - -------------------------------------------------------------------------------- Total additions 4,031,519 309,085 145,352 18,589,143 Deductions: Distributions to participants 1,286,363 290,269 185,630 4,272,706 Administrative expenses 72,302 11,744 1,222 358,753 - -------------------------------------------------------------------------------- Total deductions 1,358,665 302,013 186,852 4,631,459 Net increase/(decrease) in net assets available for plan benefits 2,672,854 7,422 (41,500) 13,957,684 Net assets available for plan benefits: Beginning of year 24,166,500 3,423,267 876,774 83,132,345 - -------------------------------------------------------------------------------- End of year 26,839,354 3,430,698 835,274 97,090,029 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1995 - -------------------------------------------------------------------------------- Principal Balanced Preservation Fixed Income Common Fund Fund Fund Stock Fund - -------------------------------------------------------------------------------- Additions: Investment income: Net realized and unrealized gains/(losses) 3,785,074 --- 488,642 4,629,510 Interest and dividends 667,293 318,450 333,672 22,528 - -------------------------------------------------------------------------------- Subtotal 4,452,367 318,450 822,314 4,652,038 Participant contributions 399,409 157,184 122,273 494,893 Employer contributions 843,098 493,619 268,157 985,542 Rollover contributions 335,102 16,789 104,896 293,073 Interfund transfers (470,967) (193,880) 319,613 144,165 Transfers from other plans 50,729 6,090 12,641 (7,053) - -------------------------------------------------------------------------------- Total additions 5,609,738 798,252 1,649,894 6,562,658 Deductions: Distributions to participants 705,134 546,595 302,182 571,350 Administrative expenses 89,422 17,144 18,280 99,307 - -------------------------------------------------------------------------------- Total deductions 794,556 563,739 320,462 670,657 Net increase/(decrease) in net assets available for plan benefits 4,815,182 234,513 1,329,432 5,892,001 Net assets available for plan benefits: Beginning of year 17,384,374 5,451,224 4,770,536 14,788,542 - -------------------------------------------------------------------------------- End of year 22,199,556 5,685,737 6,099,968 20,680,543 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1995 - -------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - -------------------------------------------------------------------------------- Additions: Investment income: Net realized and unrealized gains/(losses) 6,958,168 723,594 --- 16,584,988 Interest and dividends 562,642 57,129 28,958 1,990,672 - -------------------------------------------------------------------------------- Subtotal 7,520,810 780,723 28,958 18,575,660 Participant contributions 586,929 5,388 --- 1,766,076 Employer contributions 1,183,444 --- --- 3,773,860 Rollover contributions 393,565 --- 49,920 1,193,345 Interfund transfers 176,363 23,845 861 --- Other (28,208) --- (27,756) 6,443 - -------------------------------------------------------------------------------- Total additions 9,832,903 809,956 51,983 25,315,384 Deductions: Distributions to participants 1,093,860 677,862 98,144 3,995,127 Administrative expenses 54,924 14,563 1,061 294,701 - -------------------------------------------------------------------------------- Total deductions 1,148,784 692,425 99,205 4,289,828 Net increase/(decrease) in net assets available for plan benefits 8,684,119 117,531 (47,222) 21,025,556 Net assets available for plan benefits: Beginning of year 15,482,381 3,305,736 923,996 62,106,789 - -------------------------------------------------------------------------------- End of year 24,166,500 3,423,267 876,774 83,132,345 ================================================================================ See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements December 31, 1996 and 1995 (1) Description of the Plan The following brief description of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan (Plan) is provided for general information. The Plan contains both profit sharing provisions and retirement savings provisions. Participants should refer to the summary plan description for more complete information. Background Associated Banc-Corp (Company) has established the Associated Banc-Corp Profit Sharing and Retirement Savings Plan, a defined contribution plan. The profit sharing provisions of the Plan provide for discretionary employer contributions. The retirement savings provisions of the Plan provides for employee contributions complying with the provisions of Internal Revenue Code (Code) Section 401(k) as well as discretionary employer contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). On October 1, 1996, the net assets of the State Bank of Lodi Money Purchase Pension Plan totaling $667,469 were merged with the net assets of the Plan. On September 30, 1996, the net assets of First National Bank of Portage Incentive Savings Plan totaling $954,541 were merged into the net assets of the Plan. Participants Employees of the Company and its subsidiaries that have adopted the Plan are eligible to participate in the profit sharing provisions and in the discretionary employer retirement savings contribution provisions of the Plan on the January 1 of the year in which 1,000 hours of service are completed. Employees are eligible to participate in the employee retirement savings contribution portion of the Plan on the earlier of the January 1 or July 1 following the date of employment, if it is expected that 1,000 hours of service will be completed in subsequent plan years. Contributions In conjunction with the retirement savings provisions of the Plan, participants can elect to contribute an amount between 1% and a maximum percentage set by the Retirement Program Committee (6% in 1996 and 1995) of their compensation in multiples of 1% to the Plan by means of regular payroll deductions. Participants are also allowed to contribute amounts qualifying as rollover contributions under Section 402(c)(4) of the Code. The Plan provides for discretionary Company contributions under both the profit sharing and retirement savings provisions of the Plan. Such contributions are allocated to each participant's account based upon total participants' compensation, as defined by the Plan, for the year. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements Vesting Participants are 100% vested at all times in their benefits under the retirement savings portion of the Plan. The following is a schedule of vesting in the Company discretionary profit sharing contribution: --------------------------------------------------------------------------- Years of Service Vested Percentage --------------------------------------------------------------------------- Less than three 0% Three but less than four 20% Four but less than five 40% Five but less than six 60% Six but less than seven 80% Seven or more 100% --------------------------------------------------------------------------- The Plan document specifies that forfeitures are allocated based upon the ratio of each participant's compensation for the plan year to the total compensation of all participants for that plan year. Investment of Plan Assets Participants have the right to direct that investments be made in either the Balanced Fund, Principal Preservation Fund, Fixed Income Fund, Common Stock Fund, Associated Banc-Corp Common Stock Fund, or a combination of funds. The following is a brief description of each fund: Balanced Fund - Invests primarily in fixed income investments common stocks and common trust funds managed by the Company's trust departments. Fixed Income Fund - Invests primarily in U.S. Treasury obligations, fixed income corporate bonds, and common trust funds with similar characteristics. Common Stock Fund - Invests primarily in common stocks, common funds managed by the Company's trust departments, or mutual funds expected to achieve capital and income growth. Associated Banc-Corp Common Stock Fund - Invests in Associated Banc-Corp common stock. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements Participants can elect to invest in one of the aforementioned funds or in 10% increments in two or more funds. The election can be changed quarterly each January 1, April 1, July 1, and October 1. Certain participants previously had the right to maintain a separate trust for self-directed investments. Current plan provisions do not provide for this. Plan assets are held in trust with subsidiary banks of the Company (trustee). A participant in the Plan can receive a loan for emergency conditions which result from medical expenses in the participant's immediate family, establishing or preserving the home in which the participant resides, or for the purpose of providing an education for the participant, spouse, and children of the participant. Loans are limited to the lesser of (1) $50,000, reduced by the excess of the highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date on which such loan was made over the outstanding balance of loans from the Plan on the date on which such loan was made or (2) 50% of the vested benefit of the participant's account balance. A participant may not request a loan for less than $1,000. Investment income is allocated to individual participants' accounts quarterly based on the balance in the account at the beginning of the quarter adjusted for activity during the quarter. Distributions Distributions are made in the form of lump-sum payments or payments over a period in monthly, quarterly, semi-annual or annual installments. Distributions must begin no later than 60 days after the close of the plan year in which the later of the participant's attainment of age 65 or the termination date occurs, unless the participant elects to delay commencement of the distribution until the April 1 following the attainment of age 70 1/2. Participants may withdraw amounts for any reason upon reaching age 59 1/2. Earnings are credited to a participant's account through the end of the most recent accounting period. Termination of Plan While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time subject to the provisions of ERISA. In the event of termination, participants become fully vested to the extent of the balance in their account, including investment income through the termination date. Reclassification Certain amounts in prior years report have been reclassified to conform with the 1996 presentation. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements (2) Summary of Significant Accounting Policies The accounting policies followed by the Plan conform with generally accepted accounting principles for such plans. The more significant policies are as follows: Basis of Presentation The accompanying financial statements have been prepared on the accrual basis. Investments Investments are quoted at market prices. Securities for which no quoted market price are available are valued at estimated fair value. Short-term investments are stated at cost, which approximates fair value. Plan assets are held with the trustee. Purchases and sales of securities are recorded on a trade-date basis. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires plan administrator estimates and assumptions that affect the reported amounts of assets available for benefits and plan benefit obligations and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. (3) Investments The fair value of investments that represent 5% or more of the Plan's net assets at December 31 are presented in the following table: 1996 1995 --------------------------------------------------------------------------- Associated Banc-Corp Common Stock 25,374,175 23,376,007 Associated Common Stock Fund 12,553,953 9,329,403 Goldman Sachs Financial Square Treasury Obligation Fund --- 5,154,377 Associated Foreign Equity Fund 5,136,951 --- Dreyfus Government Cash Management Fund 5,268,007 --- --------------------------------------------------------------------------- ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements (4) Transactions with Related Parties The Associated Banc-Corp common stock fund and the common stock fund of the Plan at December 31, 1996 and 1995 included 605,510 shares and 571,010 shares, respectively, of common stock of the Company with fair values of $25,734,175 and $23,376,007, respectively. Dividend income from Company stock totaled $685,273 and $550,931 in 1996 and 1995, respectively. (5) Benefits Payable Amounts as presented in the accompanying financial statements differ from the amounts reported in Form 5500 due to benefits payable to terminated and retired participants. As of December 31, 1996 and 1995, net assets available for plan benefits include vested balances for terminated and retired participants of approximately $820,000 and $670,000, respectively. (6) Income Taxes The Plan administrator has received a favorable tax determination letter, dated May 22, 1995, from the Internal Revenue Service indicating that the Plan qualifies under the provisions of Section 401(a) of the Code, and the related trust is, therefore, exempt from tax under Section 501(a). Therefore, a provision for income taxes has not been included in the Plan's financial statements. In the opinion of the Plan Administrator, the Plan and its underlying trust have operated within the terms of the Plan and remain qualified under the applicable provisions of the Code. Participants in the Plan are not subject to federal income taxes until they receive a distribution from the Plan. (7) Subsequent Event On March 18, 1997, the net assets of Farmers and Merchants Bank of Reedsburg amount to $2,238,065 were merged into the Plan. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Item 27d - Schedule of Reportable Transactions Employer Identification Number 39-1098068 Plan Number 002 Year Ended December 31, 1996 - -------------------------------------------------------------------------------- Identity of Description Purchase Selling Lease Party Involved of Assets Price Price Rental - -------------------------------------------------------------------------------- Associated Bank, N.A. Dreyfus Cash Mgmt. Fund 18,307,825 --- --- --- 16,491,471 --- Goldman Sachs Financial Square Treasury Obligation Fund 603,717 --- --- --- 5,758,094 --- Associated Bank, N.A. Associated Money Market Fund 12,935,148 --- --- --- 15,197,288 --- Associated Bank, N.A. Dreyfus Govt. Cash Mgt. Fund 6,160,507 --- --- --- 892,500 --- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Current Expense Value of Incurred Asset at Identity of Description with Cost of Transaction Net Gain/ Party Involved of Assets Transaction Asset Date (Loss) - -------------------------------------------------------------------------------- Associated Bank, Dreyfus Cash N.A. Mgmt. Fund --- 18,307,825 18,307,825 --- --- 16,491,471 16,491,471 --- Goldman Sachs Financial Square Treasury Obliga- tion Fund --- 603,717 603,717 --- --- 5,758,094 5,758,094 --- Associated Bank, Associated Money N.A. Market Fund --- 12,935,148 12,935,148 --- --- 15,197,288 15,197,288 --- Associated Bank, Dreyfus Govt. Cash N.A. Mgmt. Fund --- 6,160,507 6,160,507 --- --- 892,500 892,500 --- - -------------------------------------------------------------------------------- See accompanying independent auditors' report ASSOCIATED BANC-CORP. PROFIT SHARING & RETIREMENT SAVINGS PLAN EMPLOYER IDENTIFICATION NUMBER: 39-1098068 PLAN NUMBER: 002 Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1996 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- United States gov't and gov't agency securities: Federal National Mtg Assn 6.060%, due 02/03/2006, 336,151 329,035 Callable 02/03/2003 @ 100 par, par value $350,000 Federal National Mtg Assn 7.000%, due 03/09/2006, 250,000 245,975 Callable 03/09/1998 @ 100 par, par value $250,000 Federal Home Loan Mtg Corp. 7.010%, due 03/15/2006, 200,000 197,563 Callable 03/15/1999 @ 100 par, par value $200,000 Federal Home Loan Banks 7.290%, due 03/15/2008, 250,000 243,829 Callable 09/15/1996 @ 100 par, par value $250,000 Federal Home Loan Mtg Corp. 8.000%, due 07/29/2011, 200,000 200,438 Callable 07/29/1997 par value $200,000 Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 242,850 Callable 08/19/1996 @ 100 par, par value $250,000 Federal National Mtg Assn. 7.21%, due 08/18/2005, 250,000 251,150 par value $250,000 U.S. Treasury Note 6.75%, due 05/31/1997, 200,313 201,125 par value $200,000 U.S. Treasury Note 5.625%, due 08/31/1997, 497,530 500,470 par value $500,000 U.S. Treasury Note 5.125%, due 02/28/1998, 497,715 496,875 par value $500,000 U.S. Treasury Note 5.125%, due 03/31/1998, 299,151 298,032 par value $300,000 U.S. Treasury Note 5.125%, due 06/30/1998, 200,000 198,313 par value $200,000 U.S. Treasury Note 4.75%, due 08/31/1998, 199,688 196,688 par value $200,000 U.S. Treasury Note 4.75%, due 02/15/1997, 247,578 249,844 par value $250,000 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- U.S. Treasury Note 5.50%, due 02/28/1999, 994,036 991,875 par value $1,000,000 U.S. Treasury Note 5.625%, due 02/28/2001, 997,630 980,315 par value $1,000,000 U.S. Treasury Note 5.875%, due 10/31/1998, 499,531 500,157 par value $500,000 U.S. Treasury Note 6.250%, due 04/30/2001, 998,770 1,002,500 par value $1,000,000 U.S. Treasury Note 6.375%, due 08/15/2002, 1,503,203 1,510,785 par value $1,500,000 U.S. Treasury Note 6.75%, due 05/31/1999, 499,375 508,750 par value $500,000 U.S. Treasury Note 7.125%, due 02/29/2000, 400,000 411,750 par value $400,000 U.S. Treasury Note 6.75%, due 04/30/2000, 199,458 203,813 par value $200,000 U.S. Treasury Note 5.875%, due 06/30/2000, 599,232 596,250 par value $600,000 U.S. Treasury Note 5.75%, due 08/15/2003, 974,453 970,315 par value $1,000,000 U.S. Treasury Note 5.875%, due 02/15/2004, 494,766 486,875 par value $500,000 U.S. Treasury Note 7.25%, due 05/15/2004, 395,687 421,000 par value $400,000 - -------------------------------------------------------------------------------- Total gov't & gov't agency securities 12,434,267 12,436,572 - -------------------------------------------------------------------------------- Corporate Bonds: Associates Corp. of North America 6.875%, due 01/15/1997, 24,630 25,007 par value $25,000 Banc One 7.375%, due 12/01/2002, 248,345 259,200 par value $250,000 Campbell Soup 8.58%, due 03/15/2001, 199,790 214,860 par value $200,000 Chrysler Finl Corp. 5.875%, due 02/07/2001, 249,513 244,200 par value $250,000 CNA Finl Corp. 6.250%, due 11/15/2003, 246,535 242,275 par value $250,000 Du Pont 6.00%, due 12/01/2001, 250,000 245,313 par value $250,000 Du Pont 9.15%, due 04/15/2000, 99,831 108,080 par value $100,000 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- Florida Power & Light 5.375%, due 04/01/2000, 229,443 241,450 par value $250,000 Ford Motor Credit Co. 5.750%, due 01/25/2001, 246,638 242,550 par value $250,000 Ford Motor Credit Corp. 6.125%, due 01/09/2006, 248,748 235,250 par value $250,000 Ford Motor Co. 7.250%, due 10/01/2008, 248,892 253,100 par value $250,000 Household Intl Netherlands 6.125%, due 03/01/2003, 248,920 243,675 par value $250,000 General Telephone of WI 7.50%, due 03/01/2002, 87,668 101,250 par value $100,000 J P Morgan & Co. 6.25%, due 12/15/2005, 324,139 312,097 par value $325,000 Philip Morris 6.00%, due 07/15/2001, 239,007 242,125 par value $250,000 SCE Capital Corp. 7.375%, due 12/15/2003, 248,227 253,425 par value $250,000 Walmart Stores 6.50%, due 06/01/2003, 99,781 100,040 par value $100,000 - -------------------------------------------------------------------------------- Total Corporate Bonds 3,540,107 3,563,897 - -------------------------------------------------------------------------------- Common Stock: Abbott Labs Common Stock, 5,200 shares 82,696 263,900 American International Group Inc. Common Stock, 3,000 shares 173,855 324,750 Amoco Corp. Common Stock, 3,300 shares 158,755 266,062 *Associated Banc Corp. Common Stock, 605,510 shares 14,119,137 25,734,175 AT&T Corp. Common Stock, 3,000 shares 102,520 130,125 Atlantic Richfield Co. Common Stock, 1,600 shares 154,114 212,000 Auto Data Process Common Stock, 6,000 shares 103,780 257,250 Baltimore Gas & Electric Co. Common Stock, 1,200 shares 23,568 32,100 Central & Southwest Corp. Common Stock, 2,400 shares 45,633 61,500 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- Coca Cola Co. Common Stock, 6,000 shares 36,768 315,750 Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 221,400 Conagra Inc. Common Stock, 3,000 shares 134,428 149,250 Diebold Inc. Common Stock 5,700 shares 137,564 358,387 Disney Walt Co. Common Stock, 5,679 shares 271,549 396,110 Echelon Intl. Corp. Common Stock, 107 shares 2 1,667 Electronic Data Systems Corp. Common Stock, 1,800 shares 100,044 77,850 Federal National Mortgage Common Stock, 6,000 shares 102,582 225,750 Assocation Firstar Corp. Common Stock, 1,800 shares 79,830 94,500 Florida Progress Corp. Common Stock, 1,600 shares 52,048 51,600 Franklin Resources Inc. Common Stock, 1,400 shares 77,140 95,725 General Elec Co. Common Stock, 3,400 shares 109,359 336,175 Gillette Co. Common Stock, 5,000 shares 71,254 388,750 Heilig Meyers Co. Common Stock, 5,237 shares 57,034 84,447 Hewlett Packard Co. Common Stock, 6,000 shares 86,943 301,500 Hubbell Inc. Common Stock, 6,294 shares 134,180 272,217 Illinois Cent Corp. Common Stock, 6,000 shares 136,200 192,000 Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 159,750 Interpublic Group Common Stock, 2,000 shares 91,910 95,000 LG and E Energy Corp. Common Stock, 3,000 shares 22,906 73,500 Lucent Technologies Inc. Common Stock, 972 shares 39,839 44,955 Manpower Inc. Common Stock, 3,800 shares 144,738 123,500 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- Mcgraw-Hill Inc. Common Stock, 6,000 shares 222,151 276,750 MCI Communications Corp. Common Stock, 5,000 shares 144,675 163,440 Medtronic Inc. Common Stock, 8,000 shares 74,939 544,000 Merck & Co. Inc. Common Stock, 5,900 shares 141,668 469,787 Microsoft Corp. Common Stock, 1,400 shares 47,600 115,675 Molex Inc. Common Stock, 7,813 shares 162,250 305,684 Motorola Inc. Common Stock, 4,000 shares 178,740 245,000 New England Electric System Common Stock, 500 shares 15,812 17,438 Philip Morris COS Inc. Common Stock, 600 shares 19,214 67,800 Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 235,425 Public SVC Enterprise Grp Inc. Common Stock, 1,600 shares 44,724 43,600 SBC Communications Inc. Common Stock, 4,000 shares 125,257 207,500 Service Corp. Intl. Common Stock, 4,000 shares 114,660 112,000 Schering Plough Corp. Common Stock, 2,400 shares 137,895 155,400 Schulman A Inc. Common Stock, 3,750 shares 90,500 91,875 Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 237,264 Southwestern Pub SVC Co. Common Stock, 1,300 shares 22,868 45,987 Staples Inc. Common Stock, 6,000 shares 117,750 108,378 State Street Boston Corp. Common Stock, 4,200 shares 107,760 271,425 Student Loan Marketing Common Stock, 3,000 shares 125,807 279,375 Association Sungard Data Systems Inc. Common Stock, 6,600 shares 140,663 260,700 - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- Sysco Corp. Common Stock, 3,000 shares 90,405 97,875 Texaco Inc. Common Stock, 3,000 shares 192,043 294,375 Texas Instr Inc. Common Stock, 4,000 shares 74,473 255,000 Union Pac Corp. Common Stock, 2,700 shares 106,343 162,337 Union Pacific Res. Grp. Inc. Common Stock, 2,287 shares 51,818 66,323 United Healthcare Corp. Common Stock, 2,600 shares 94,549 117,000 Walgreen Co. Common Stock, 8,400 shares 122,255 338,100 WPS Resources Corp. Common Stock, 1,000 shares 21,795 28,500 - -------------------------------------------------------------------------------- Total Common Stocks 20,126,944 36,955,658 - -------------------------------------------------------------------------------- Common Trust Funds: *Associated Common Stock Fund 123,105 units 6,734,681 12,553,953 *Associated Regional Bank Fund 34,337 units 1,629,583 2,878,815 *Associated Capital Appreciation Fund 97,594 units 2,318,190 4,212,786 *Associated Equity Income Fund 90,782 units 2,104,786 3,407,944 *Associated Tele- communications 99,245 units 1,052,812 1,327,013 Fund *Associated Intermediate Term Bond Fund 118,205 units 1,272,864 1,714,385 *Associated Foreign Equity Fund 184,983 units 3,651,895 5,136,951 *Associated Short Term Bond Fund 70,487 units 655,932 758,606 - -------------------------------------------------------------------------------- Total Common Trust Funds 19,420,743 31,990,453 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Loans to Participants (7.00% - 10.65%) 344,998 344,998 - -------------------------------------------------------------------------------- Total Investments Held 55,867,059 85,291,578 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Description of investment including maturity date Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - -------------------------------------------------------------------------------- Cash Equivalents: Dreyfus Cash Management Fund 1,816,354 1,816,354 Dreyfus Government Cash Mgmt. Fund 5,268,007 5,268,007 - -------------------------------------------------------------------------------- Total Cash Equivalents 7,084,361 7,084,361 - -------------------------------------------------------------------------------- See accompanying independent auditors' report. -----END PRIVACY-ENHANCED MESSAGE-----