| ASSOCIATED BANC CORP |
| Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50 |
| financial services |
| holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has 280 banking |
| locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota. The company offers |
| a full range of banking services and other financial products and services including: ?? Consumer and Small Business Banking ??????Capital Markets |
| ?? Residential Lending ??????Private Banking and Trust ?? Commercial and Commercial Real Estate Lending ??????Investment Advisory and Brokerage |
| ?? Treasury Management ?? ??????Insurance Services |
| A B O U T A S S O C I A T E D |
| Important Note Regarding Forward-Looking Statements: Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements of management’s plans, objectives, or |
| goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the |
| use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and |
| To our shareholders: 2010 was a year of significant accomplishment for Associated Banc-Corp. |
| We ensured a strong capital position with a successful common stock offering in January and dramatically improved the quality of our credit portfolio throughout the |
| year. We returned the company to profitability during the second half of the year, produced modest loan growth at year end and positioned the company for future |
| growth through an extensive planning effort to better serve our customers and communities. We believe these efforts will result in enhanced profitability in 2011. |
| 2010 — A Year of Significant Accomplishment In January of last year, in the face of continued economic |
| uncertainty and a compelling need to quickly reduce the level of problem loans on our balance sheet, we raised |
| $478 million of new capital through a common stock offering. The additional capital enabled us to aggressively |
| reduce nonaccrual loans through sales in the secondary market and absorb additional losses without undue |
| concern about the company’s capital ratios. We ended 2010 as one of the most strongly capitalized regional |
| banks in the country with a Tier 1 Common Ratio of 12.26%, compared to 7.85% at the end of 2009 and an |
| average ratio of 9.79% for our peer group, which is made up of similarly-sized bank holding companies. |
| In the second quarter, we began a concerted effort to sell or otherwise resolve our high level of nonaccrual loans. |
| During the course of the year, we reduced |
2010
Annual Report ½ 1
| we made in the loan portfolio during 2010, we were able to substantially reduce loan loss provisions during the |
| second half of the year. This drove a return to profitability, albeit modest, in each of the last two quarters. We expect |
| to generate increased profits over the course of 2011 and return the company to profitability for the entire year. |
| 2011 — A Year of Transition The steady decline in revenue during the past eight |
| quarters is an area of concern for our company. The main reason for this decline has been the dramatic |
| reduction in our outstanding loan balances, which are down approximately $4 billion from two years ago. Due |
| to general economic conditions, our business customers lacked confidence when it came to borrowing to invest in |
| growth. Line of credit utilization was at a historically low level at year end. Loan sales and our intentional |
| exit from some credits also contributed to the loan decline. However, during the fourth quarter of 2010, we |
| experienced a modest uptick in both consumer and commercial loans. We believe that we will grow the loan |
| portfolio throughout 2011 and beyond, although it will take some time to return to the level of two years ago. |
| Noninterest income continues to be under pressure, driven by regulatory changes regarding overdraft and |
| insufficient funds charges, and potential reductions to interchange fees from debit card usage mandated by |
| the Dodd-Frank legislation. We, along with the rest of the banking industry, are fundamentally opposed to the |
| price controls that are being imposed on banks and the resulting inability to cover our costs, let alone earn a profit |
| on important services we provide our customers. While much attention was paid to stabilizing and |
| strengthening the company last year, equal effort was given to positioning the company for growth in 2011 |
| and beyond. To that end, we undertook an ambitious |
| planning exercise and realigned several of our business units to enhance collaboration. Oliver Buechse joined the |
| company and the Executive |
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½ Associated Banc-Corp
| align the business as a prime cross-selling partner with other business units in the Bank. Timothy Lau has been |
| promoted to the leadership role of this unit and was also appointed to the Executive Committee in late 2010. |
| While 2011 will see a return to sustained and growing profitability, we believe the full benefits of the work |
| and investments currently underway will not be realized until 2012 and beyond. There are several specific goals |
| we also want to achieve this year. We intend to repay the TARP funds the company received as soon as |
| possible and in the most efficient and shareholder friendly manner possible. While TARP repayment is |
| subject to regulatory approval, we are highly confident that we can achieve this goal in 2011. In addition, we |
| have made excellent progress in satisfying the conditions of our regulatory agreements with the OCC and Federal |
| Reserve. In fact, we believe we have appropriately addressed all of the conditions of the agreements. |
| Following the TARP repayment and sustained increases in profitability, we will be in a position to consider an |
| increase in the cash dividend paid to shareholders. |
| Our Board of Directors |
| During the past year, longtime Director Jack Meng retired from the company’s Board. We thank Jack for his many |
| years of dedicated service to Associated. During the past months, we welcomed two new members to the Board. |
| John Bergstrom, CEO of Bergstrom Corporation, one of the largest and most successful auto dealers in the |
| country, joined the Board in December, and most recently, Robert Jeffe, an accomplished investment banker with |
| many years of experience on Wall Street, also joined our Board. |
2010
Annual Report ½ 3
| By achieving consistently superior financial returns and profitability, we will position ourselves for |
| sustained growth, stability and shareholder value. WHAT WILL SET US APART is our relentless and disciplined |
| focus on improving the fundamentals of our business. |
| Value for our Shareholders |
| By investing in our people and allowing them to apply their talent and grow as individuals, both personally and |
| professionally, we will: ??????Foster great pride in working for Associated and be |
| recognized as the employer of choice among Midwestern financial services firms and |
| ??????Develop leaders that earn the respect and admiration of communities that will participate in |
| the organization’s success. WHAT WILL SET US APART is our straightforward |
| and common-sense approach to our work and communications, as well as generosity with our time and |
| resources in the communities |
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½ Associated Banc-Corp
| Associated Banc-Corp Investor Relations |
| 1200 Hansen Road |
| Green Bay, WI 54304 |
| 800-236-ASBC (2722) |
| Additional information is available at |
| investor.associatedbank.com |
| Transfer Agent and Registrar Correspondence |
| Wells Fargo Bank, N.A. |
| Shareowner Services |
| 161 N. Concord Exchange |
| St. Paul, MN 55075 |
| 800-468-9716 or 651-450-4064 www.shareowneronline.com |
| Shareowner Inquiries |
| 800-468-9716 or 651-450-4064 24-7 automated system or services |
| representative from 7:00 a.m. — 7:00 p.m. CT, |
| Monday through Friday. |
| Stock Listing & Trading |
| Traded: NASDAQ |
| Stock Market Symbol: ASBC |
| C O R P O R A T E D A T A |
| William R. Hutchinson |
| Chairman, Associated Banc-Corp |
| President, W. R. Hutchinson & Associates, Inc. |
| John F. Bergstrom |
| Chairman and Chief Executive Officer, |
| Bergstrom Corporation |
| Ruth M. Crowley |
| Principal, Innervisions Management |
| Philip B. Flynn |
| President and Chief Executive Officer, |
| Associated Banc-Corp |
| Ronald R. Harder |
| Retired, former President & CEO, |
| Jewelers Mutual Insurance Co. |
| Annual Meeting of Shareholders |
| 11:00 a.m. Central Time |
| Tuesday, April 26, 2011 |
| St. Norbert College |
| Fort Howard Theater — Bemis Center |
| 100 Grant Street, De Pere, WI 54115 |
| Proxy materials for the 2011 Annual Meeting of Shareholders are |
| available via the Internet under the U.S. Securities and Exchange |
| Commission’s Notice and Access Rule. Shareholders as of the |
| March 2, 2011 record date have been mailed a notice regarding |
| the availability of proxy materials, which includes the Internet website address where the proxy materials can viewed and shares |
| voted. It also includes instructions for requesting a paper copy of the proxy materials via telephone, Internet website or email. |
| Annual Report on Form 10-K |
| Shareholders and other interested persons may obtain a copy |
| of Associated Banc-Corp’s 2010 Annual Report on Form 10-K at investor.associatedbank.com or by calling or writing Associated |
| Banc-Corp Investor Relations. |
| Robert A. Jeffe |
| Former Chairman, Corporate Advisory Group, |
| Deutsche Bank Securities Inc. |
| Eileen A. Kamerick |
| Chief Financial Officer and Managing Director, |
| Houlihan Lokey |
| Richard T. Lommen |
| Chairman, Courtesy Corp. |
| J. Douglas Quick |
| Chairman, Lakeside Foods, Inc. |
| John C. Seramur |
| Retired, former Chairman and Chief Executive Officer, |
| First Financial Corporation |
| Karen T. Van Lith |
| Principal, MKB CEO, LLC |
| B O A R D O F D I R E C T O R S |
2010
Annual Report ½ 5
| Associated cares for our environment. Demonstration of our |
| environmental stewardship includes eStatement and online bill payment promotions, reduced quantities of printed material, |
| electronic newsletter enhancements, paperless paychecks and
colleague rideshare programs. ©2011 Associated Banc-Corp MKTCC0002 (3/11) |