Associated Banc-Corp appoints new head of banking

GREEN BAY, Wis. - Associated Banc-Corp (NYSE: ASB), a leading Midwest banking franchise with a market capitalization of $3.7 billion and a remarkable 51-year track record of consistent dividend payments, announced the promotion of Steven Zandpour to Executive Vice President, Head of Consumer and Business Banking, starting on July 1, 2025. According to InvestingPro data, the bank currently trades below its Fair Value, presenting a potential opportunity for value investors. Zandpour will take over from David Stein, who plans to retire at the end of the year after a tenure exceeding two decades with the bank.

Zandpour, who joined Associated Bank in January 2024 as Executive Vice President, Director of Retail Banking, quickly ascended to Deputy Head of Consumer and Business Banking by January 2025. His responsibilities will include managing revenue growth, leading the bank’s branch network, contact centers, and sales and service channels. Additionally, he will oversee digital banking, consumer risk, customer experience, retail strategy, and community accountability teams. For detailed analysis of ASB’s financial health and growth prospects, investors can access comprehensive research reports and expert insights through InvestingPro, which currently shows a "FAIR" overall financial health score.

Andrew J. Harmening, President and CEO of Associated Bank, commended Zandpour’s people-first leadership approach and his significant contributions to the bank’s business growth and customer service improvements. Zandpour’s promotion is part of the bank’s strategic plan to innovate and provide enhanced products and services that meet the changing needs of customers.

In his statement, Zandpour highlighted the importance of a people-centric culture at Associated Bank and expressed his commitment to delivering products that offer real value to customers. He also acknowledged Stein’s mentorship and collaboration.

Among recent initiatives, Associated Bank has launched family banking solutions and a customer conversation model that emphasizes a needs-based approach to client relationships.

Upon assuming his new role in July, Stein will transition to serving as Executive Vice President, Strategic Advisor, and Madison Market President, where he will contribute to the bank’s strategic planning for the remainder of 2025.

Associated Banc-Corp, with total assets of $43 billion, is the largest bank holding company headquartered in Wisconsin. It operates nearly 200 banking locations across multiple states and maintains loan production offices in several others. The bank has demonstrated strong dividend performance, having raised its dividend for 13 consecutive years, with a current yield of 4.09%. Four analysts have recently revised their earnings expectations upward for the upcoming period, suggesting positive momentum. The information regarding the leadership transition is based on a press release statement from Associated Banc-Corp.

In other recent news, Associated Banc-Corp reported its first-quarter earnings for 2025, surpassing analyst expectations with an earnings per share (EPS) of $0.59, compared to the forecasted $0.57. The company also reported a significant increase in net interest income and loan growth, with total loans growing by $526 million. This growth was supported by a 4% year-over-year increase in core customer deposits. Raymond James adjusted the price target for Associated Banc-Corp to $27, maintaining an Outperform rating, while Stephens reduced the price target to $26, keeping an Equal Weight rating. Both firms noted the company’s strategic restructuring efforts and stable credit conditions.

Associated Banc-Corp announced the retirement of David Stein, its executive vice president, head of consumer and business banking. Stein will transition to a strategic advisor role until the end of 2025, and Steven Zandpour will succeed him. Despite the positive earnings results, Raymond James slightly adjusted its 2026 earnings per share estimate downward due to anticipated modest benefits from the company’s restructuring. Meanwhile, Stephens increased its 2026 earnings estimate by $0.10 to $2.80, reflecting confidence in the company’s strategic changes and growth prospects. These developments indicate a stable outlook for Associated Banc-Corp, with ongoing efforts to enhance its leadership and strategic positioning.

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