Associated in Wis. to File $500M Shelf Registration for M&A

Associated Banc-Corp (ASBC) in Green Bay, Wis., seems poised to make acquisitions.

The $24 billion-asset company said Tuesday that its board had approved the filing of a shelf registration statement to issue up to $500 million of common stock that could be issued from time to time with certain business combinations.

Associated said it has no immediate plans to use the registration statement for an acquisition transaction.

The company also said that the Office of the Comptroller of the Currency had formally terminated a February 2012 consent order tied to Associated Banks Bank Secrecy Act and anti-money laundering compliance program. Associated said in February that it expected the OCC to lift the order.

Associated's board also authorized the company to repurchase up to $120 million of common stock. The authorization is in addition to a previously announced buyback program. Associated said it had repurchased $39 million of common stock in the first quarter under the previous authorization to "neutralize the effect of equity grants pursuant to its compensation plans."