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GREEN BAY, Wis., March 10, 2021 /PRNewswire/ Associated Banc-Corp (NYSE: ASB) ( Associated ) today announced that its Board of Directors has appointed Andrew J. Harmening as the Company s president and chief executive officer and a member of its Board of Directors, effective April 28, 2021. Mr. Harmening will also serve as president and chief executive officer of Associated Bank, N.A. and president of Associated Trust, N.A. Mr. Harmening was most recently senior executive vice president, consumer and business banking of Huntington Bank.
Jay Williams, chairman of Associated s Board of Directors, said, We are delighted to welcome Andy Harmening to Associated as our new president and CEO, and to our Board as a director. Andy is a highly regarded banking leader with a track record of driving profitable growth and operational excellence, improving customers experience and spearheading innovative digital products. With more than 25 years as a
Associated Banc-Corp Accused of Self-Dealing in ERISA Lawsuit
Participants have filed a suit alleging the bank used its retirement plan to promote its investment products.
Reported by
Participants in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan have filed an Employee Retirement Income Security Act (ERISA) lawsuit against Associated Banc-Corp and its retirement plan administrative committee for “applying an imprudent and inappropriate preference for products associated with Associated Bank within the plan, despite their poor performance and lack of traction among fiduciaries of similarly sized plans.”
The plaintiffs also allege that the defendants failed to monitor or control the plan’s recordkeeping expenses, which were paid to Associated Bank’s subsidiary, costing the plan millions of dollars in excessive administrative fees.
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