MINNEAPOLIS – April 22, 2014 – Associated Bank and Associated Commercial Finance, both part of Associated Banc-Corp (NASDAQ: ASBC), recently closed on a $19 million loan to SCHWING America, Inc., manufacturer of industry leading construction equipment. The loan provides working capital to support SCHWING America’s substantial increase in production and sales growth as the company is on pace to quadruple its annual sales in 2014 versus 2010.
“Associated Bank’s goal is to continue to develop creative financing solutions for projects that support the continued economic growth throughout the Midwest,” said Rob Raveling, vice president and portfolio manager for Associated Commercial Finance, Inc. “We are pleased to be able to work with SCHWING America, Inc., as they continue to grow and provide quality products for both the commercial and residential construction industries.”
“Associated Bank has been a true overall banking partner with us since 2010 and we are excited to be partnering with them on this next crucial step for our company,” said Bill Murray, chief financial officer of SCHWING America, Inc. “From the beginning of our treasury management relationship nearly four years ago, to the closing of this loan and beyond, Associated Bank has understood our redevelopment goals and worked hard to bring everything together to meet our complex needs and ultimately position SCHWING America for continued success.”
Located in St. Paul, Minnesota, SCHWING America manufactures industry leading construction equipment branded as SCHWING concrete pumps, SCHWING Stetter truck mixers, batch plants, reclaimers and genuine SCHWING parts for distribution in North and Latin America.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $24 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services in over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. 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.
ABOUT SCHWING AMERICA, INC.
SCHWING America is a member of the SCHWING Group, a worldwide designer, manufacturer and distributor of premium concrete production and handling equipment, headquartered in Herne, Germany. SCHWING, committed to supporting its customers’ success, excels in producing high quality concrete equipment used in even the most demanding construction applications, through innovative engineering, premiere manufacturing and optimum after-sales support. SCHWING America, located in St. Paul, Minnesota, offers industry leading concrete pumps, truck mixers, batch plants, reclaimers and genuine parts for distribution in North and Latin America.