Associated to move headquarters to downtown Green Bay
Plan consolidates area locations to Main Street by 2013
Associated Banc- Corp (NASDAQ:ASBC) announced on March 26 it is finalizing plans to relocate its corporate headquarters to historic downtown Green Bay.
During a press conference in conjunction with Green Bay Mayor James J. Schmitt, Philip B. Flynn, President and CEO of Associated Banc-Corp confirmed that the $22 billion financial services company will centralize many of its key corporate functions from various locations around Green Bay to downtown at 333 Main Street. The move will add approximately 350 Associated colleagues to the downtown area.
The building, currently known as the Regency Building, was built in 1985, and will give Associated six floors of space with about 20,000 sq. ft. per floor. Once the remodeled office spaces are finished, the building would have a capacity for about 500 colleagues.
The new downtown building will consolidate offices now scattered around the metro area. Mark Quinlan, Associated's Executive Vice President, Chief Information and Operations Officer, expects colleague moves to begin this summer and to be completed by summer 2013. The moves will not affect the Green Bay Service Center or any retail branches.
"This is an exciting change for us, "said Quinlan. "This move will benefit Associated in a number of ways. The consolidation will mean less travel between buildings, and, ultimately, it will allow tremendous efficiencies in maintaining fewer locations. The building is in a great spot next to the Hyatt and KI Center, plus across the street from Schreiber's new facilities and we have parking right next door."
Associated anticipates operational costs for the new facility to be essentially equal to those of the current locations, once the consolidations would be completed.
Many details still need to be finalized. But Flynn noted the cultural shift that this move will catalyze. "We're excited about this opportunity to bring more of our colleagues together," he said. "The consolidation strengthens collaboration within our organization. The investment reflects our commitment to Associated's sustained growth and the prosperity of our communities. As a key corporate citizen of Green Bay, it makes sense to invest our resources into our city."
"Our Downtown momentum continues with the latest commitment of Associated Bank to 333 Main Street. With the addition of such a strong, healthy corporation like Associated Banc-Corp, the City of Green Bay is truly becoming a destination for corporate headquarters."
The building's remodeling will employ the same sustainable building practices used throughout Associated's recent branch remodels through its footprint. Associated will immediately start supplier selection. Information about the selection process and supplier registration can be found on the associated website at www.associatedbank.com/supplier.
ABOUT 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 more than 250 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. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.