Associated Banc-Corp Checking Openings Jump 121% In First Week After Omaha Systems Conversion
CEO Andy Harmening calls it a "welcome surprise" while cautioning the figure can't forecast 2027, and says a new strategic plan arrives in the first quarter.
Checking accounts opened in the first seven days after Associated Banc-Corp converted American National's systems were "up 121%" against a June-to-August stretch, CEO Andy Harmening told analysts on the bank's third-quarter earnings call. Harmening, who called himself "probably one of the most impatient CEOs in America" for asking about Omaha trends eight days into the conversion, said he could not use the number to forecast 2027.
A fast start in Omaha
Associated Banc-Corp is a bank holding company whose Associated Bank serves customers through branches in Wisconsin, Illinois, Minnesota and Missouri. Its American National deal closed April 1, 2026.
The systems and branch conversion moved nearly 150,000 loan and deposit accounts, 33 branches and 70 ATMs over a three-day weekend earlier this month, Harmening said. Debit-card activation, he said, was almost back to pre-conversion levels within a week.
He called the account-opening figure a "welcome surprise" and said the bank will invest in Omaha through charitable giving, marketing and people. The dust, he said, needs about 30 days to settle. Jason Hansen is the new Omaha market president.
Phase three and the metro push
Harmening joked that the next strategic plan will be called "phase three," and said it will be detailed in the first quarter. Leadership is mapping what it wants the next three years to look like, with focus on growing customers, competing in major metros and deposit gathering. He said to expect more treasury management infrastructure to compete with regional and national players.
He pointed to the current plan, wrapping up in 2026, as the template: the bank hit its mid-teens return target and a margin above 3%, and runs an adjusted efficiency ratio of 51% against a 55-to-60 target. The next plan, he said, will again involve making "difficult decisions on where to cut" expenses in order to reinvest.
Treasury management sales are up 37% year to date from the same period a year earlier, he said.
The quarter behind the call
Associated reported earnings of 76 cents a share, or 81 cents excluding nonrecurring acquisition costs. Net interest margin rose three basis points to 3.2%, and the bank repurchased $100 million of stock, its first major buyback since Harmening joined in 2021, with the rest of the authorization due in the fourth quarter.
Commercial pipelines are up 36% to 40% from a year earlier in commitments, he said.
Management will lay out 2027 expectations on the fourth-quarter call in January.
Sources
- Seeking Clues to Associated Banc-Corp (ASB) Q3 Earnings? A Peek Into Wall Street Projections for Key Metrics — Yahoo Finance
- Associated Banc-Corp (ASB) Q3 Earnings Meet Estimates — Yahoo Finance
- Associated Banc-Corp (ASB) Reports Q3 Earnings: What Key Metrics Have to Say — Yahoo Finance
- Ares Capital Set to Release Q3 Earnings: Here's What to Expect — Yahoo Finance
- Associated Banc-Corp Reports Third Quarter 2026 Earnings of $0.76 Per Common Share, or $0.81 Per Common Share¹ Excluding Nonrecurring Items Recognized During the Quarter — prnewswire.com
