SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
---------- ----------
Commission file number 0-5519 (Associated Banc-Corp)
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive officer:
ASSOCIATED BANC-CORP
112 North Adams Street
P.O. Box 13307
Green Bay, Wisconsin 54307-3307
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Associated Banc-Corp Retirement Program Committee has duly caused this Annual
Report to be signed on its behalf by the undersigned hereunto duly authorized.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT
SAVINGS PLAN
/s/ Richard H. Langer
-----------------------------------
Richard H. Langer, Chairman
Retirement Program Committee
The Board of Directors
Associated Banc-Corp:
We consent to incorporation by reference in the registration statement (No. 33-
54658) on Form S-8 of Associated Banc-Corp of our report dated June 2, 1995,
relating to the statement of net assets available for plan benefits of the
Associated Banc-Corp Profit Sharing and Retirement Savings Plan as of December
31, 1994, and the related statement of changes in net assets available for plan
benefits for the year then ended, the schedule of assets held for investment
purposes as of December 31, 1994, and the schedule of reportable transactions
for the year then ended, which report appears in the December 31, 1994, annual
report on Form 11-K of the Associated Banc-Corp Profit Sharing and Retirement
Savings Plan.
/s/ KPMG Peat Marwick LLP
-------------------------
Chicago, Illinois
June 27, 1995
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Financial Statements
December 31, 1994 and 1993
(With Independent Auditors' Report Thereon)
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
Independent Auditors' Report
Statement of Net Assets Available for
Plan Benefits, December 31, 1994
Statement of Net Assets Available for
Plan Benefits, December 31, 1993
Statement of Changes in Net Assets Available for
Plan Benefits, Year Ended December 31, 1994
Statement of Changes in Net Assets Available for
Plan Benefits, Year Ended December 31, 1993
Notes to Financial Statements
Item 27a - Schedule of Assets Held for Investment Purposes
Item 27d - Schedule of Reportable Transactions
Independent Auditors Report
The Board of Directors
Associated Banc-Corp
Profit Sharing and Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Associated Banc-Corp Profit Sharing and Retirement Plan (Plan)
as of December 31, 1994 and 1993, and the related statements of changes in net
assets available for plan benefits for the years then ended. These financial
statements are the responsibility of the Plan s management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1994 and 1993, and the changes in net assets available for
plan benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes as of December 31, 1994 and reportable
transactions for the year then ended are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information on the statement
of net assets available for plan benefits and the statement of changes in net
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits of
each fund. The supplemental schedules and fund information have been subjected
to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
June 2, 1995 /s/ KPMG Peat Marwick LLP
-------------------------
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1994
- -------------------------------------------------------------------------------
Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds $ 2,068,934 --- --- 13,815,841
Government securities 5,244,500 --- 1,644,719 ---
Corporate bonds 304,830 --- 2,641,655 ---
Common stocks 8,582,523 --- --- ---
Loans to participants --- --- --- ---
- -------------------------------------------------------------------------------
Total investments 16,200,787 --- 4,286,374 13,815,841
Cash and cash equivalents 118,360 4,995,233 133,462 66,238
Accrued interest and
dividends receivable 116,485 23,931 78,208 679
Cash surrender value of
insurance --- --- --- ---
Employer contribution
receivable 783,077 429,267 245,308 835,636
Participant contributions
receivable --- --- --- ---
Due from (to) other funds 165,934 2,793 27,582 70,811
Other (269) --- (398) ( 663)
- -------------------------------------------------------------------------------
Net assets available for
plan benefits $17,384,374 5,451,224 4,770,536 14,788,542
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1994
- -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds --- 2,393,817 --- 18,278,592
Government securities --- 64,501 --- 6,953,720
Corporate bonds --- 70,055 --- 3,016,540
Common stocks 14,426,206 530,497 --- 23,539,226
Loans to participants --- --- 321,575 321,575
- -------------------------------------------------------------------------------
Total investments 14,426,206 3,058,870 321,575 52,109,653
Cash and cash equivalents 98,865 264,031 267,592 5,943,781
Accrued interest and
dividends receivable 2,472 6,891 1,492 230,158
Cash surrender value of
insurance --- --- 559,028 559,028
Employer contribution
receivable 961,800 15,744 --- 3,270,832
Participant contributions
receivable --- --- 34,506 34,506
Due from (to) other funds (6,962) --- (260,158) ---
Other --- (39,800) ( 39) (41,169)
- -------------------------------------------------------------------------------
Net assets available for plan
benefits 15,482,381 3,305,736 923,996 62,106,789
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1993
- -------------------------------------------------------------------------------
Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds $2,828,447 --- --- 13,408,277
Government securities 4,517,253 --- 1,361,625 ---
Corporate bonds 532,250 --- 2,581,828 ---
Common stocks 9,037,768 --- --- 204,125
Loans to participants --- --- --- ---
- ------------------------------------------------------------------------------
Total investments 16,915,718 --- 3,943,453 13,612,402
Cash and cash equivalents 190,601 5,122,696 610,892 158,996
Accrued interest and
dividends receivable 102,031 13,996 74,164 785
Cash surrender value of
insurance --- --- --- ---
Employer contribution
receivable 862,048 427,902 257,610 814,558
Participant contributions
receivable --- --- --- ---
Due from (to) other funds 241,987 41,918 54,764 174,941
Other --- --- --- ---
- -------------------------------------------------------------------------------
Net assets available for
plan benefits $18,312,385 5,606,512 4,940,883 14,761,682
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1993
- -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds --- 2,554,754 --- 18,791,478
Government securities --- 864,543 --- 6,743,421
Corporate bonds --- 86,786 --- 3,200,864
Common stocks 10,230,595 787,340 --- 20,259,828
Loans to participants --- --- 186,132 186,132
- -------------------------------------------------------------------------------
Total investments 10,230,595 4,293,423 186,132 49,181,723
Cash and cash equivalents (1,428) 295,015 721,455 7,098,227
Accrued interest and
dividends receivable 200 29,131 817 221,124
Cash surrender value of
insurance --- --- 549,338 549,338
Employer contribution
receivable 666,952 15,168 --- 3,044,238
Participant contributions
receivable --- --- 26,346 26,346
Due from (to) other funds 100,562 --- (614,172) ---
Other --- ( 3,514) --- ( 3,514)
- -------------------------------------------------------------------------------
Net assets available for plan
benefits 10,996,881 4,629,223 869,916 60,117,482
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
December 31, 1994
- -------------------------------------------------------------------------------
Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- -------------------------------------------------------------------------------
Additions:
Investment Income:
Net appreciation/
(depreciation) in
fair value of
investments $(626,155) --- (437,348) (1,891,758)
Interest and dividends 878,147 219,993 300,320 1,884,008
- -------------------------------------------------------------------------------
Subtotal 251,992 219,993 (137,028) ( 7,750)
Participant contributions 406,636 144,251 123,997 439,766
Employer contributions 782,891 429,828 245,378 834,336
Rollover contributions 126,675 18,458 101,456 119,391
Asset transfers 119,348 63,199 97,249 263,954
Interfund transfers (1,212,706) (373,600) (365,868) (514,971)
Other 36,656 (22,051) (5,406) (12,804)
- -------------------------------------------------------------------------------
Total Additions 511,492 480,078 59,778 1,121,922
Deductions:
Distributions to
participants 1,353,396 622,143 207,131 1,009,651
Administrative expenses 86,107 13,223 22,994 85,411
- -------------------------------------------------------------------------------
Total Deductions 1,439,503 635,366 230,125 1,095,062
Net increase/(decrease)
in net assets
available for plan
benefits (928,011) (155,288) (170,347) 26,860
Net assets available for
plan benefits:
Beginning of year 18,312,385 5,606,512 4,940,883 14,761,682
- -------------------------------------------------------------------------------
End of year $17,384,374 5,451,224 4,770,536 14,788,542
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
December 31, 1994
- -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- -------------------------------------------------------------------------------
Additions:
Investment Income:
Net appreciation/
(depreciation) in
fair value of
investments 432,454 (497,174) --- (3,019,981)
Interest and dividends 385,292 377,272 26,789 4,071,821
- -------------------------------------------------------------------------------
Subtotal 817,746 (119,902) 26,789 1,051,840
Participant contributions 447,091 10,526 --- 1,572,267
Employer contributions 961,498 15,744 --- 3,269,675
Rollover contributions 654,466 --- --- 1,020,446
Asset transfers 91,372 --- 30,139 665,261
Interfund transfers 2,466,763 382 --- ---
Other 23,398 277 1,980 22,050
- ------------------------------------------------------------------------------
Total Additions 5,462,334 (92,973) 58,908 7,601,539
Deductions:
Distributions to
participants 947,095 1,208,275 4,328 5,352,019
Administrative expenses 29,739 22,239 500 260,213
- -------------------------------------------------------------------------------
Total Deductions 976,834 1,230,514 4,828 5,612,232
Net increase/(decrease)
in net assets
available for plan
benefits 4,485,500 (1,323,487) 54,080 1,989,307
Net assets available for
plan benefits:
Beginning of year 10,996,881 4,629,223 869,916 60,117,482
- -------------------------------------------------------------------------------
End of year 15,482,381 3,305,736 923,996 62,106,789
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1993
- -------------------------------------------------------------------------------
Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- -------------------------------------------------------------------------------
Additions:
Investment Income:
Net appreciation in
fair value of
investments $ 543,418 --- 92,543 1,655,647
Interest and dividends 646,273 186,367 289,844 16,396
- -------------------------------------------------------------------------------
Subtotal 1,189,691 186,367 382,387 1,672,043
Participant contributions 426,650 158,465 131,238 438,769
Employer contributions 862,048 427,902 257,610 814,558
Rollover contributions 50,855 5,739 16,836 66,592
Asset transfers 909,856 563,463 2,651,586 515,235
Interfund transfers 1,496,482 (127,938) (2,161,950) 701,192
Other 2,739 1,383 1,400 1,221
- -------------------------------------------------------------------------------
Total additions 4,938,321 1,215,381 1,279,107 4,209,610
Deductions:
Distributions to
participants 724,768 571,746 140,410 315,017
Administrative expenses 75,890 12,558 20,217 66,433
- -------------------------------------------------------------------------------
Net increase in net assets
available for plan
benefits 4,137,663 631,077 1,118,480 3,828,160
Net assets available for
plan benefits:
Beginning of year 14,174,722 4,975,435 3,822,403 10,933,522
- -------------------------------------------------------------------------------
End of year $18,312,385 5,606,512 4,940,883 14,761,682
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1993
- -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- -------------------------------------------------------------------------------
Additions:
Investment Income:
Net appreciation in
fair value of
investments 1,296,104 235,660 --- 3,823,372
Interest and dividends 268,627 187,824 15,747 1,611,078
- ------------------------------------------------------------------------------
Subtotal 1,564,731 423,484 15,747 5,434,450
Participant contributions 351,678 10,515 --- 1,517,315
Employer contributions 666,952 15,168 --- 3,044,238
Rollover contributions 104,279 --- --- 244,301
Asset transfers 2,353,844 --- --- 6,993,984
Interfund transfers (19,017) --- 111,231 ---
Other 1,693 --- 25,858 34,294
- -------------------------------------------------------------------------------
Total additions 5,024,160 449,167 152,836 17,268,582
Deductions:
Distributions to
participants 188,920 395,580 31,703 2,368,144
Administrative expenses 21,097 --- 500 196,695
- -------------------------------------------------------------------------------
Net increase in net assets
available for plan
benefits 4,814,143 53,587 120,633 14,703,743
Net assets available for
plan benefits:
Beginning of year 6,182,738 4,575,636 749,283 45,413,739
- -------------------------------------------------------------------------------
End of year 10,996,881 4,629,223 869,916 60,117,482
===============================================================================
See accompanying notes to financial statements
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1994 and 1993
- -------------------------------------------------------------------------------
(1) Description of the Plan
The following brief description of the Associated Banc-Corp Profit
Sharing and Retirement Savings Plan (Plan) is provided for general
information. The Plan contains both profit sharing provisions and
retirement savings provisions. Participants should refer to the summary
plan description for more complete information.
Background
Associated Banc-Corp (Company) established the Associated Banc-Corp Profit
Sharing and Retirement Savings Plan, a defined contribution plan. The
profit sharing provisions of the Plan provide for discretionary employer
contributions. The retirement savings provisions of the Plan provides for
employee contributions complying with the provisions of Internal Revenue
Code (Code) Section 401(k) as well as discretionary employer
contributions. The Plan is subject to the provisions of the Employee
Income Retirement Act of 1974 (ERISA).
On January 1, 1993, the net assets of the F&M Financial Services
Retirement Savings and Profit Sharing Plan (F&M Plan) and the First
National Bank of Sturgeon Bay Profit Sharing Plan (FNB Plan) were merged
into the net assets of the Plan. Net assets transferred from the F&M Plan
and the FNB Plan totaled $6,556,480 and $437,504, respectively.
On January 1, 1994, the net assets of Citizens Bank and Trust Profit
Sharing Plan totaling $665,261 were merged into the net
assets of the Plan.
Participants
Employees of the Company and its subsidiaries that have adopted the Plan
are eligible to participate in the profit sharing provisions and in the
discretionary employer retirement savings contribution provisions of the
Plan on the January 1 of the year in which 1,000 hours of service are
completed. Employees are eligible to participate in the employee
retirement savings contribution portion of the Plan on the earlier of the
January 1 or July 1 following the date of employment, if it is expected
that 1,000 hours of service will be completed in subsequent plan years.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
- -------------------------------------------------------------------------------
Contributions
In conjunction with the retirement savings provisions of the Plan,
participants can elect to contribute an amount between 1% and a maximum of
percentage set by the Retirement Program Committee (6% in 1994 and 1993)
of their compensation in multiples of 1% to the Plan by means of regular
payroll deductions. Participants are also allowed to contribute amounts
qualifying as rollover contributions under Section 402(c)(4) of the Code.
The Plan provides for discretionary Company contributions under both the
profit sharing and retirement savings provisions of the Plan. Such
contributions are allocated to each participant's account based upon total
participants' compensation, as defined by the Plan, for the year.
Vesting
Participants are 100% vested at all times in their benefits under the
retirement savings portion of the Plan. The following is a schedule of
vesting in the Company discretionary profit sharing contribution:
- -------------------------------------------------------------------------------
Years of Service Vested Percentage
- -------------------------------------------------------------------------------
Less than three 0%
Three but less than four 20%
Four but less than five 40%
Five but less than six 60%
Six but less than seven 80%
Seven or more 100%
- -------------------------------------------------------------------------------
The Plan document specifies that forfeitures are allocated based upon the
ratio of each participant's compensation for the plan year to the total
compensation of all participants for that plan year.
Investment of Plan Assets
Participants have the right to direct that investments be made in either
the Balanced Fund, Principal Preservation Fund, Fixed Income Fund, Common
Stock Fund, Associated Banc-Corp Common Stock Fund, or a combination of
funds. The following is a brief description of each fund:
Balanced Fund - Invests primarily in fixed income investments and common
stocks.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
- -------------------------------------------------------------------------------
Principal Preservation Fund - Invests primarily in certificates issued or
guaranteed by the United States Government.
Fixed Income Fund - Invests primarily in U.S. Treasury obligations, fixed
income corporate bonds, and common trust funds with similar
characteristics.
Common Stock Fund - Invests primarily in common stocks, common funds, or
mutual funds expected to achieve capital and income growth.
Associated Banc-Corp Common Stock Fund - Invests in Associated Banc-Corp
common stock.
Participants previously had the right to maintain a separate trust for
self-directed investments. Current plan provisions do not provide for
this. Plan assets are held in trust with subsidiary banks of the Company
(trustee).
Participants can elect to invest in one of the aforementioned funds or in
10% increments in two or more funds. The election can be changed
quarterly each January 1, April 1, July 1, and October 1.
A participant in the Plan can receive a loan for emergency conditions
which result from medical expenses in the participant's immediate family,
establishing or preserving the home in which the participant resides, or
for the purpose of providing an education for the participant, spouse, and
children of the participant. Loans are limited to the lesser of (1)
$50,000, reduced by the excess of the highest outstanding balance of loans
from the Plan during the one-year period ending on the day before the date
on which such loan was made over the outstanding balance of loans from the
Plan on the date on which such loan was made or (2) 50% of the vested
benefit of the participant's account balance. A participant may not
request a loan for less than $1,000.
Distributions
Distributions are made in the form of lump-sum payments or payments over a
period in monthly, quarterly, semi-annual or annual installments.
Distributions must begin no later than 60 days after the close of the plan
year in which the later of the participant s attainment of age 65 or the
termination date occurs, unless the participant elects to delay
commencement of the distribution until the April 1 following the
attainment of age 70 1/2. Participants may withdraw amounts for any
reason upon reaching age 59 1/2. Earnings are credited to a participant's
account through the end of the most recent accounting period.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
- -------------------------------------------------------------------------------
Termination of Plan
While the Company has not expressed any intent to terminate the Plan, it
is free to do so at any time subject to the provisions of ERISA. In the
event of termination, participants become fully vested to the extent of
the balance in their account, including investment income through the
termination date.
(2) Summary of Significant Accounting Policies
The accounting policies followed by the Plan conform with generally
accepted accounting principles for such plans. The more significant
policies are as follows:
Basis of Presentation
The accompanying financial statements have been prepared on the accrual
basis.
Investments
Investments are quoted at market prices. Securities for which no quoted
market price is available are valued at estimated fair value. Short-term
investments are stated at cost, which approximates fair value. Plan
assets are held with the trustee. Purchases and sales of securities are
recorded on a trade-date basis.
(3) Investments
The fair value of investments that represent 5% or more of the Plan s net
assets at December 31 are presented in the following table:
1994 1993
--------------------------------------------------------------------------
Associated Banc-Corp common stock $14,748,049 10,543,372
Associated Bank, N.A.
Associated common stock fund 6,761,960 7,247,005
--------------------------------------------------------------------------
(4) Transactions with Related Parties
The Associated Banc-Corp common stock fund of the Plan at December 31,
1994 and 1993 included 415,438 shares and 305,605 shares, respectively,
of common stock of the Company with fair values of $14,748,049 and
$10,543,372, respectively. Dividend income from Company stock totaled
$384,787 and $268,627 in 1994 and 1993, respectively.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
- ----------------------------------------------------------------------------
(5) Benefits Payable
Amounts as presented in the accompanying financial statements differ from
the amounts reported in Form 5500 due to benefits payable to terminated
and retired participants.
As of December 31, 1994 and 1993, net assets available for plan benefits
include vested balances for terminated and retired participants of
approximately $579,000 and $838,000, respectively.
(6) Income Taxes
The Plan administrator has received a favorable tax determination letter,
dated May 22, 1995, from the Internal Revenue Service indicating that
the Plan qualifies under the provisions of Section 401(a) of the Code, and
the related trust is, therefore, exempt from tax under Section 501(a).
Therefore, a provision for income taxes has not been included in the
Plan's financial statements.
Participants in the Plan are not subject to federal income taxes until
they receive a distribution from the Plan.
ASSOCIATED BANC-CORP
PROFIT SHARING & RETIREMENT SAVINGS PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1994
- -------------------------------------------------------------------------------
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
United States gov t agency
securities:
Federal Home Loan Mtg Corp. 8.70%, due 07/06/95, 200,007 201,750
par value $200,000
Federal Farm Credit Bank 5.10%, due 03/10/98, 248,942 229,800
par value $250,000
Federal Home Loan Mtg Corp. 4.50%, due 10/30/98, 99,220 90,547
step up to 5.50% on
10/30/95, callable
10/30/95 @100 par,
par value $100,000
Federal National Mtg Assn. 4.94%, due 01/25/99, 200,878 179,340
par value $200,000
Federal Farm Credit Bank 6.10%, due 02/25/96, 250,000 229,650
callable 02/25/96
@100 par, par value
$250,000
Federal Home Loan Bank 5.05% subject to 30 day 250,000 245,625
call notice 10/02/2002,
step up to 7.84% after
10/02/95, callable
10/02/95 @100 par,
par value $250,000
Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 219,100
callable 08/19/96
@100 par, par value
$250,000
Federal National Mtg Assn. 6.31%, due 08/25/2003, 250,000 213,000
callable 08/25/94
@100 par, par value
$250,000
Federal Home Loan Bank 9.50%, due 05/01/97, 255 261
7-year balloon pool,
U.S. Treasury Note 6.875%, due 10/31/96, 125,922 123,281
par value $125,000
U.S. Treasury Note 6.75%, due 05/03/97, 200,313 195,470
par value $200,000
U.S. Treasury Note 5.625%, due 08/31/97, 497,530 474,220
par value $500,000
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
U.S. Treasury Note 5.125%, due 02/28/98, 497,715 462,505
par value $500,000
U.S. Treasury Note 5.125%, due 03/31/98, 299,151 276,984
par value $300,000
U.S. Treasury Note 4.125%, due 06/30/95, 300,235 296,625
par value $300,000
U.S. Treasury Note 5.125%, due 06/30/98, 200,000 183,594
par value $200,000
U.S. Treasury Note 4.375%, due 08/15/96 100,594 95,188
par value $100,000
U.S. Treasury Note 4.75%, due 08/31/98, 199,688 180,532
par value $200,000
U.S. Treasury Note 4.75%, due 02/15/97, 396,125 376,688
par value $400,000
U.S. Treasury Note 5.50%, due 02/28/99, 994,036 918,750
par value $1,000,000
U.S. Treasury Note 6.75%, due 05/31/99, 499,375 479,690
par value $500,000
U.S. Treasury Note 7.375%, due 05/15/96, 195,441 199,688
par value $200,000
U.S. Treasury Note 8.375%, due 04/15/95, 101,020 100,688
par value $100,000
U.S. Treasury Note 8.50%, due 05/15/95, 399,241 403,128
par value $400,000
U.S. Treasury Note 7.50%, due 02/29/96 299,882 300,375
par value $300,000
U.S. Treasury Note 6.75%, due 02/28/97, 25,055 24,504
par value $25,000
U.S. Treasury Note 8.00%, due 10/15/96, 15,020 15,080
par value $15,000
U.S. Treasury Note 6.50%, due 04/30/99, 248,950 237,657
par value $250,000
- -------------------------------------------------------------------------------
Total agency securities $7,344,595 $6,953,720
- -------------------------------------------------------------------------------
Corporate Bonds:
Associates Corp. of 6.875%, due 01/15/97, 24,630 24,520
North America par value $25,000
Banc One 7.375%, due 12/01/2002, 248,345 235,375
par value $250,000
Campbell Soup 8.58%, due 03/15/2001, 199,790 204,020
par value $200,000
Coca Cola Co. 7.875%, due 09/15/98, 9,969 9,976
par value $10,000
Duke Power 5.875%, due 03/01/2003, 390,732 344,640
par value $400,000
Du Pont 6.00%, due 12/01/2001, 250,000 220,938
par value $250,000
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
Du Pont 9.15%, due 04/15/2000, 99,831 105,420
par value $100,000
Florida Pwr & Lt 5.375%, due 04/01/2000, 229,443 221,775
par value $250,000
General Telephone of WI 7.50%, due 03/01/2002, 87,668 95,220
par value $100,000
International Bus. Machines 6.375%, due 11/01/97, 246,630 238,750
par value $250,000
Iowa Southern Utility 7.375%, due 02/01/2003, 246,825 238,700
callable 02/01/02
@100, callable 07/30/92
@102.55, par value
$100,000
Kimberly Clark 9.125%, due 06/01/97, 100,000 102,390
par value $100,000
Kimberly Clark 8.625%, due 05/01/2001, 10,013 10,248
par value $10,000
Phillip Morris 9.80%, due 12/15/98, 15,188 15,345
par value $15,000
Safety Kleen Corp. 9.25%, due 09/15/99, 10,000 9,965
par value $10,000
Sears Roebuck 9.00%, due 09/15/96, 290,847 304,830
par value $300,000
Southern CA Edison Co. 7.50%, due 04/15/99, 247,110 244,275
par value $250,000
Walmart Stores 6.50%, due 06/01/2003, 99,781 89,250
par value $100,000
WI Power & Lt 7.60%, due 07/01/2005, 101,000 94,690
par value $100,000
WI Public Service 5.25%, due 07/01/98, 224,345 206,213
par value $225,000
- -------------------------------------------------------------------------------
Total Corporate Bonds $3,132,147 $3,016,540
- -------------------------------------------------------------------------------
Corporate Stock:
Abbott Labs Common Stock, 5,200 shares 82,696 169,650
Alltel Corp. Common Stock, 6,000 shares 144,170 180,750
Aluminum Co. Amer Common Stock, 1,700 shares 117,897 147,262
American Intl Group Inc. Common Stock, 2,000 shares 173,854 196,000
Ameritech Corp. Common Stock, 4,400 shares 149,525 177,650
Amoco Corp. Common Stock, 3,300 shares 158,755 195,113
AMP Inc. Common Stock, 100 shares 4,303 7,275
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
Associated Banc-Corp Common Stock, 415,438 10,509,164 14,748,049
shares
AT&T Corp. Common Stock, 3,000 shares 142,370 150,750
Atlantic Richfield Co. Common Stock, 1,600 shares 154,114 162,800
Auto Data Process Common Stock, 3,000 shares 103,780 175,500
Baltimore Gas & Elec Common Stock, 2,400 shares 47,248 53,100
Bellsouth Corp. Common Stock, 3,200 shares 159,043 173,200
Bristol-Myers Squibb Co. Common Stock, 100 shares 6,640 5,787
Central & Southwest Corp. Common Stock, 2,400 shares 45,633 54,300
Coca Cola Co. Common Stock, 4,000 shares 49,025 206,000
Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 152,100
Disney Walt Co. Common Stock, 4,000 shares 165,353 184,000
Donnelley RR & Sons Co. Common Stock, 6,000 shares 147,793 177,000
Eli Lilly & Co. Common Stock, 100 shares 6,603 6,562
Federal Natl Mtg Assn Common Stock, 1,500 shares 102,582 109,313
First Bank of America Common Stock, 1,414 shares 12,888 42,420
Firstar Corp. Common Stock, 2,348 shares 25,545 63,102
Florida Progress CP Common Stock, 1,600 shares 52,048 48,000
Ford Mtr Co. Del Common Stock, 8,000 shares 141,924 223,000
General Elec Co. Common Stock, 3,400 shares 109,359 173,400
General Elec Co. Common Stock, 200 shares 4,268 10,200
Georgia Gulf Corp. Common Stock, 6,000 shares 119,362 233,250
Gillette Co. Common Stock, 3,100 shares 88,355 232,112
Hartmarx Corp. Common Stock, 100 shares 2,451 587
Heilig Meyers Co. Common Stock, 5,237 shares 57,034 130,108
Hewlett Packard Co. Common Stock, 2,500 shares 144,905 249,688
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
Hubbell Inc. Common Stock, 2,997 shares 134,172 159,590
Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 87,500
Interpublic Group Common Stock, 5,200 shares 143,188 167,050
Johnson & Johnson Common Stock, 400 shares 4,901 21,900
Kimberly Clark Common Stock, 250 shares 5,063 5,897
LG & E Energy Corp. Common Stock, 1,500 shares 22,906 55,313
LTV Corp. New Common Stock, 481 shares 5,176 7,936
Mcgraw Hill Inc. Common Stock, 3,000 shares 222,151 200,625
Medtronic Inc. Common Stock, 4,000 shares 74,939 222,500
Merck & Co. Inc. Common Stock, 5,900 shares 141,668 224,937
Minnesota Mining & Common Stock, 2,600 shares 99,040 138,775
Manuf Co.
Molex Inc. Common Stock, 6,250 shares 162,232 215,625
Morgan Products Common Stock, 600 shares 8,177 3,375
Motorola, Inc. Common Stock, 4,000 shares 178,740 232,000
New England Elec Sys Common Stock, 500 shares 15,812 16,063
North Fork Bancorp Common Stock, 300 shares 4,603 4,125
Northern Trust Corp. Common Stock, 3,250 shares 98,750 113,750
Northwest Natural Gas Co. Common Stock, 2,700 shares 78,690 79,650
Penney J C Inc. Common Stock, 3,000 shares 98,103 133,875
Phillip Morris Common Stock, 200 shares 7,821 11,500
Phillip Morris COS Inc. Common Stock, 3,000 shares 96,070 172,500
Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 136,525
Public Serv Enterprise Group Common Stock, 1,600 shares 44,724 42,400
Schulman A Inc. Common Stock, 3,750 shares 90,500 103,125
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
Scott Paper Co. Common Stock, 4,400 shares 174,055 304,150
Sears Roebuck & Co. Common Stock, 3,000 shares 172,425 138,000
Sherwin Williams Co. Common Stock, 6,000 shares 198,520 200,250
Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 125,400
Southwestern Bell Corp. Common Stock, 4,000 shares 125,257 161,500
Southwestern Public Service Common Stock, 1,300 shares 22,868 34,450
Standard Federal Savings Common Stock, 1,000 shares 5,000 10
State Street Boston Corp. Common Stock, 4,200 shares 107,760 120,225
Student Ln Mktg Assn Com Common Stock, 3,750 shares 157,259 121,875
Sysco Corp. Common Stock, 3,000 shares 90,405 77,250
Texaco Inc. Common Stock, 3,000 shares 192,043 179,625
Texas Instr Inc. Common Stock, 3,100 shares 115,433 232,113
Union Pac Corp. Common Stock, 2,700 shares 158,155 122,514
United Healthcare Corp. Common Stock, 2,600 shares 94,549 117,325
W P S Resources Corp Common Stock, 1,000 shares 21,795 26,750
Walgreen Co. Common Stock, 4,200 shares 122,255 183,225
- -------------------------------------------------------------------------------
Total Common Stocks $17,211,846 $23,539,226
- -------------------------------------------------------------------------------
Common Funds:
Associated Common Stock Fund 114,732 units 5,736,547 6,761,960
Associated Regional Bank Fund 32,866 units 1,463,773 1,502,529
Associated Capital 49,298 units 1,148,320 1,379,433
Appreciation Fund
Associated Equity Income Fund 78,456 units 1,668,711 1,829,369
Associated Telecommunicatons Fund 71,237 units 701,827 720,575
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral Current
lessor, or similar party par, or maturity value Cost Value
- -------------------------------------------------------------------------------
Associated Bank Employee 99,896 units 929,604 900,145
Benefit Fixed Income Fund
Associated Intermediate Term 121,937 units 1,293,948 1,440,848
Bond Fd
Associated Foreign Equity Fund 124,156 units 2,153,952 2,574,945
Associated Bank Growth Stock Fund 16,244 units 823,634 1,168,788
- -------------------------------------------------------------------------------
Total Common Trust Funds $15,920,316 $18,278,592
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Loans to Participants 321,575 321,575
- -------------------------------------------------------------------------------
Total Investments Held $43,930,479 $52,109,653
===============================================================================
Cash Equivalents:
Cash Investment Fund 5,240,871 shares 5,240,871 5,240,871
Employee Benefit
Associated Short Term 441,306 shares 441,306 441,306
Investment Fund
Associated Money Market Fund 37,874 shares 37,874 37,874
Navigator Money Market Fund 151,218 shares 151,218 151,218
Associated Bank Lakeshore 5 yr CD, #38357 17,702 17,702
Associated Bank Lakeshore 5 yr CD, #39325 25,000 25,000
Dreyfus Treasury Prime 13,823 shares 13,823 13,823
Cash Mgmt
North Shore Bank CD 5,171 par 5,171 5,171
Fox Valley Savings CD 5,177 par 5,177 5,177
Cash in Bank 5,639 5,639
- -------------------------------------------------------------------------------
Total Cash Equivalents $5,943,781 $5,943,781
- -------------------------------------------------------------------------------
See accompanying independent auditors report
ASSOCIATED BANC-CORP
PROFIT SHARING & RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1994
- -------------------------------------------------------------------------------
Expense
Incurred
Identity of Description Purchase Selling Lease with
Party Involved of Assets Price Price Rental Transaction
- -------------------------------------------------------------------------------
Associated Bank, Cash Investment 4,526,332 --- --- ---
N.A. Fund Employee
Benefit --- 4,685,224 --- ---
Associated Bank, Employee Benefit 5,475,877 --- --- ---
N.A. Bond Fund --- 5,433,702 --- ---
Associated Bank, Employee Benefit 3,645,186 --- --- ---
N.A. Stock Fund --- 4,205,275 --- ---
Associated Bank Associated Short 16,223,208 --- --- ---
Green Bay Term Investment
Fund --- 16,628,940 --- ---
Associated Bank, Associated Employee 2,049,846 --- --- ---
N.A. Benefit Equity
Income Fund --- 1,504,974 --- ---
Associated Bank Associated Banc-Corp 3,834,373 --- --- ---
Green Bay Common Stock --- 71,216 --- ---
- -------------------------------------------------------------------------------
See accompanying independent auditors' report
ASSOCIATED BANC-CORP
PROFIT SHARING & RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1994
- -------------------------------------------------------------------------------
Current Value
Identity of Description Cost of of Asset at Net Gain/
Party Involved of Assets Asset Transaction Date (Loss)
- -------------------------------------------------------------------------------
Associated Bank, Cash Investment Fund 4,526,332 4,526,332 ---
N.A. Employee Benefit 4,685,224 4,685,224 ---
Associated Bank, Employee Benefit 5,475,877 5,475,877 ---
N.A. Bond Fund 5,415,900 5,433,702 17,802
Associated Bank, Employee Benefit 3,645,186 3,645,186 ---
N.A. Stock Fund 3,145,308 4,205,275 1,059,967
Associated Bank Associated Short 16,223,208 16,223,208 ---
Green Bay Term Investment
Fund 16,628,940 16,628,940 ---
Associated Bank, Associated Employee 2,049,846 2,049,846 ---
N.A. Benefit Equity
Income Fund 1,256,925 1,504,974 248,049
Associated Bank Associated Banc-Corp 3,834,373 3,834,373 ---
Green Bay Common Stock 71,216 71,216 ---
- -------------------------------------------------------------------------------
See accompanying independent auditors' report
