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, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
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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 7, 1996,
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, 1995 and 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, 1995, and the schedule of reportable
transactions for the year ended December 31, 1995, which report appears in the
December 31, 1995, 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 25, 1996
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
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Page(s)
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Independent Auditors' Report
Statement of Net Assets Available for
Plan Benefits, December 31, 1995
Statement of Net Assets Available for
Plan Benefits, December 31, 1994
Statement of Changes in Net Assets Available for
Plan Benefits, Year Ended December 31, 1995
Statement of Changes in Net Assets Available for
Plan Benefits, Year Ended December 31, 1994
Notes to Financial Statements
Item 27a - Schedule of Assets Held for Investment
Purposes, December 31, 1995
Item 27d - Schedule of Reportable Transactions,
Year Ended December 31, 1995
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, 1995 and 1994, 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, 1995 and 1994, 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, 1995 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 7, 1996
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1995
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Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- - -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds $ 2,245,110 --- --- 19,372,188
Government securities 7,096,332 --- 1,817,913 ---
Corporate bonds 307,080 --- 3,457,591 ---
Common stocks 10,363,213 --- --- ---
Loans to participants --- --- --- ---
- - -------------------------------------------------------------------------------
Total investments 20,011,735 --- 5,275,504 19,372,188
Cash and cash equivalents 1,151,878 5,154,378 463,742 278,920
Accrued interest and
dividends receivable 134,639 24,697 80,901 1,478
Cash surrender value of
insurance --- --- --- ---
Employer contribution
receivable 843,098 493,618 268,157 986,235
Participant contributions
receivable --- --- --- ---
Due from (to) other funds 60,583 13,560 12,314 43,915
Other (2,377) (516) (650) (2,193)
- - -------------------------------------------------------------------------------
Net assets available for
plan benefits $22,199,556 5,685,737 6,099,968 20,680,543
===============================================================================
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, 1995
- - -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- - -------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds --- 2,776,044 --- 24,393,342
Government securities --- 66,075 --- 8,980,320
Corporate bonds --- 25,352 --- 3,790,023
Common stocks 22,925,689 400,663 --- 33,689,565
Loans to participants --- --- 294,218 294,218
- - -------------------------------------------------------------------------------
Total investments 22,925,689 3,268,134 294,218 71,147,468
Cash and cash equivalents 22,584 150,420 239,679 7,461,601
Accrued interest and
dividends receivable 366 5,018 1,218 248,317
Cash surrender value of
insurance --- --- 492,155 492,155
Employer contribution
receivable 1,185,060 --- --- 3,776,168
Participant contributions
receivable --- --- 19,277 19,277
Due from (to) other funds 38,722 --- (169,094) ---
Other (5,921) (305) (679) (12,641)
- - -------------------------------------------------------------------------------
Net assets available for
plan benefits 24,166,500 3,423,267 876,774 83,132,345
===============================================================================
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
- - -------------------------------------------------------------------------------
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 Changes in Net Assets Available for Plan Benefits
December 31, 1995
- - -------------------------------------------------------------------------------
Principal Fixed Common
Balanced Preservation Income Stock
Fund Fund Fund Fund
- - -------------------------------------------------------------------------------
Additions:
Investment Income:
Net realized and
unrealized gains/
(losses) $3,785,074 --- 488,642 4,629,510
Interest and dividends 667,293 318,450 333,672 22,528
- - -------------------------------------------------------------------------------
Subtotal 4,452,367 318,450 822,314 4,652,038
Participant contributions 399,409 157,184 122,273 494,893
Employer contributions 843,098 493,619 268,157 985,542
Rollover contributions 335,102 16,789 104,896 293,073
Interfund transfers (470,967) (193,880) 319,613 144,165
Other 50,729 6,090 12,641 (7,053)
- - -------------------------------------------------------------------------------
Total Additions 5,609,738 798,252 1,649,894 6,562,658
Deductions:
Distributions to
participants 705,134 546,595 302,182 571,350
Administrative expenses 89,422 17,144 18,280 99,307
- - -------------------------------------------------------------------------------
Total Deductions 794,556 563,739 320,462 670,657
Net increase/(decrease)
in net assets
available for plan
benefits 4,815,182 234,513 1,329,432 5,892,001
Net assets available for
plan benefits:
Beginning of year 17,384,374 5,451,224 4,770,536 14,788,542
- - -------------------------------------------------------------------------------
End of year $22,199,556 5,685,737 6,099,968 20,680,543
===============================================================================
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, 1995
- - -------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- - -------------------------------------------------------------------------------
Additions:
Investment Income:
Net realized and
unrealized gains/
(losses) 6,958,168 723,594 --- 16,584,988
Interest and dividends 562,642 57,129 28,958 1,990,672
- - -------------------------------------------------------------------------------
Subtotal 7,520,810 780,723 28,958 18,575,660
Participant contributions 586,929 5,388 --- 1,766,076
Employer contributions 1,183,444 --- --- 3,773,860
Rollover contributions 393,565 --- 49,920 1,193,345
Interfund transfers 176,363 23,845 861 ---
Other (28,208) --- (27,756) 6,443
- - ------------------------------------------------------------------------------
Total Additions 9,832,903 809,956 51,983 25,315,384
Deductions:
Distributions to
participants 1,093,860 677,862 98,144 3,995,127
Administrative expenses 54,924 14,563 1,061 294,701
- - -------------------------------------------------------------------------------
Total Deductions 1,148,784 692,425 99,205 4,289,828
Net increase/(decrease)
in net assets
available for plan
benefits 8,684,119 117,531 (47,222) 21,025,556
Net assets available for
plan benefits:
Beginning of year 15,482,381 3,305,736 923,996 62,106,789
- - -------------------------------------------------------------------------------
End of year 24,166,500 3,423,267 876,774 83,132,345
===============================================================================
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 realized and
unrealized gains/
(losses) $(419,927) --- (438,725) (23,754)
Interest and dividends 671,919 219,993 301,697 16,004
- - -------------------------------------------------------------------------------
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 realized and
unrealized gains/
(losses) 432,454 (263,382) --- (713,334)
Interest and dividends 385,292 143,480 26,789 1,765,174
- - -------------------------------------------------------------------------------
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
Notes to Financial Statements
December 31, 1995 and 1994
- - -------------------------------------------------------------------------------
(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) has 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, 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
percentage set by the Retirement Program Committee (6% in 1995 and 1994)
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 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.
Certain 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).
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.
Reclassification
Certain amounts in prior years report have been reclassified to conform
with the 1995 presentation.
(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 are 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.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires plan administrator estimates and
assumptions that affect the reported amounts of assets available for
benefits and plan benefit obligations and disclosure of contingent assets
and liabilities at the date of the financial statements. Actual results
could differ from those estimates.
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
- - -------------------------------------------------------------------------------
(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:
1995 1994
--------------------------------------------------------------------------
Associated Banc-Corp common stock $23,376,007 14,748,049
Associated Bank, N.A.
Associated common stock fund 9,329,403 6,761,960
Goldman Sachs Financial Square 5,154,377 ---
Treasury Obligation Fund
-------------------------------------------------------------------------
(4) Transactions with Related Parties
The Associated Banc-Corp common stock fund of the Plan at December 31,
1995 and 1994 included 571,010 shares and 415,438 shares, respectively,
of common stock of the Company with fair values of $23,376,007 and
$14,748,049, respectively. Dividend income from Company stock totaled
$550,931 and $384,787 in 1995 and 1994, respectively.
(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, 1995 and 1994, net assets available for plan benefits
include vested balances for terminated and retired participants of
approximately $670,000 and $579,000, 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, 1995
- - -------------------------------------------------------------------------------
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. Deb. 6.52%, due 08/10/99, 249,844 250,391
par value $250,000
Federal Farm Credit Bank 5.10%, due 03/10/98, 248,942 248,800
par value $250,000
Federal Home Loan Mtg Corp. 4.50%, due 10/30/98, 99,220 99,688
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, 200,878 196,840
par value $200,000
Federal Farm Credit Bank 6.10%, due 02/25/00, 250,000 252,700
callable 02/25/96
@100 par, par value
$250,000
Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 250,575
callable 08/19/96 @
100 par, par value
$250,000
Federal National Mtg Assn. 7.21%, due 08/18/05, 250,000 259,700
par value $250,000
U.S. Treasury Note 6.875%, due 10/31/96, 125,922 126,641
par value $125,000
U.S. Treasury Note 6.75%, due 05/31/97, 200,313 204,188
par value $200,000
U.S. Treasury Note 5.625%, due 08/31/97, 497,530 503,438
par value $500,000
U.S. Treasury Note 5.125%, due 02/28/98, 497,715 499,375
par value $500,000
U.S. Treasury Note 5.125%, due 03/31/98, 299,151 299,625
par value $300,000
U.S. Treasury Note 5.125%, due 06/30/98, 200,000 199,688
par value $200,000
U.S. Treasury Note 4.375%, due 08/15/96 100,594 99,500
par value $100,000
U.S. Treasury Note 4.75%, due 08/31/98, 199,688 197,625
par value $200,000
U.S. Treasury Note 4.75%, due 02/15/97, 247,578 248,829
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
- - -------------------------------------------------------------------------------
U.S. Treasury Note 5.50%, due 02/28/99, 994,036 1,006,875
par value $1,000,000
U.S. Treasury Note 6.75%, due 05/31/99, 499,375 522,345
par value $500,000
U.S. Treasury Note 7.375%, due 05/15/96, 195,441 201,625
par value $200,000
U.S. Treasury Note 7.50%, due 02/29/96, 299,882 301,220
par value $300,000
U.S. Treasury Note 6.75%, due 02/28/97, 25,055 25,438
par value $25,000
U.S. Treasury Note 8.00%, due 10/15/96 15,020 15,309
par value $15,000
U.S. Treasury Note 6.50%, due 04/30/99, 248,950 259,219
par value $250,000
U.S. Treasury Note 7.125%, due 02/29/00, 400,000 426,000
par value $400,000
U.S. Treasury Note 6.25%, due 04/30/00, 199,458 210,500
par value $200,000
U.S. Treasury Note 5.875%, due 06/30/00, 599,232 612,750
par value $600,000
U.S. Treasury Note 5.75%, due 08/15/03, 490,234 506,563
par value $500,000
U.S. Treasury Note 5.875%, due 02/15/04, 494,766 510,625
par value $500,000
U.S. Treasury Note 7.25%, due 05/15/04, 395,688 444,250
par value $400,000
- - -------------------------------------------------------------------------------
Total agency securities $8,774,512 $8,980,320
- - -------------------------------------------------------------------------------
Corporate Bonds:
Associates Corp. of 6.875%, due 01/15/97, 24,630 25,353
North America par value $25,000
Banc One 7.375%, due 12/01/02, 248,345 273,025
par value $250,000
Campbell Soup 8.58%, due 03/15/01, 199,790 226,180
par value $200,000
Du Pont 6.00%, due 12/01/01, 250,000 248,438
par value $250,000
Du Pont 9.15%, due 04/15/00, 99,831 112,840
par value $100,000
Florida Power & Light 5.375%, due 04/01/00, 229,443 247,975
par value $250,000
General Telephone of WI 7.50%, due 03/01/02, 87,668 101,550
par value $100,000
International Business 6.375%, due 11/01/97, 246,630 253,125
Machines par value $250,000
J P Morgan & Co. 6.25%, due 12/15/05, 324,139 327,698
par value $325,000
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
- - -------------------------------------------------------------------------------
J P Morgan & Co. 7.25%, due 10/01/10, 520,000 560,664
par value $520,000
Pepsico 7.50%, due 04/24/02, 248,750 267,850
callable 04/24/96
@ 100, par value
$250,000
Phillip Morris 6.00%, due 07/15/01, 239,008 248,825
par value $250,000
Sears Roebuck 9.00%, due 09/15/96, 290,847 307,080
par value $300,000
Southern CA Edison Co. 7.50%, due 04/15/99, 247,110 263,250
par value $250,000
Walmart Stores 6.50%, due 06/01/03, 99,781 103,130
par value $100,000
Wisconsin Public 5.25%, due 07/01/98, 224,345 223,040
Service par value $225,000
- - -------------------------------------------------------------------------------
Total Corporate Bonds $3,580,317 $3,790,023
- - -------------------------------------------------------------------------------
Corporate Stock:
Abbott Labs Common Stock, 5,200 shares 82,696 216,450
Adobe Systems, Inc. Common Stock, 3,000 shares 112,500 186,000
Alltel Corp. Common Stock, 6,000 shares 144,170 177,000
American International Common Stock, 3,000 shares 173,854 277,500
Group, Inc.
Ameritech Corp. Common Stock, 4,400 shares 149,525 259,050
Amoco Corp. Common Stock, 3,300 shares 158,755 235,950
Associated Banc-Corp Common Stock, 571,010 12,394,442 23,376,007
shares
AT&T Corp. Common Stock, 3,000 shares 142,370 194,250
Atlantic Richfield Co. Common Stock, 1,600 shares 154,114 177,200
Auto Data Process Common Stock, 3,000 shares 103,780 222,750
Baltimore Gas & Electric Co. Common Stock, 2,400 shares 47,248 68,400
Bellsouth Corp. Common Stock, 6,400 shares 159,043 278,400
Capital Cities ABC Inc. Common Stock, 1,600 shares 139,328 197,400
Central & Southwest Corp. Common Stock, 2,400 shares 45,633 66,900
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
- - -------------------------------------------------------------------------------
Coca Cola Co. Common Stock, 4,000 shares 49,025 297,000
Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 168,600
Diebold Inc. Common Stock, 3,800 shares 137,564 210,425
Disney Walt Co. Common Stock, 4,000 shares 165,353 235,500
Donnelley RR & Sons Co. Common Stock, 6,000 shares 147,793 236,250
Dow Jones & Co. Common Stock, 3,900 shares 137,534 155,513
Federal National Mortgage Common Stock, 1,500 shares 102,582 185,813
Association
Florida Progress Corp. Common Stock, 1,600 shares 52,048 56,601
Ford Mtr Co. Del Common Stock, 5,000 shares 88,702 144,375
General Elec Co. Common Stock, 3,400 shares 109,359 244,800
Georgia Gulf Corp. Common Stock, 6,000 shares 119,362 183,750
Gillette Co. Common Stock, 6,200 shares 88,355 323,175
Heilig Meyers Co. Common Stock, 5,237 shares 57,034 96,230
Hewlett Packard Co. Common Stock, 3,000 shares 86,943 251,250
Hubbell Inc. Common Stock, 3,147 shares 134,180 206,915
Illinois Cent Corp. Common Stock, 4,000 shares 136,200 153,500
Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 118,000
LG & E Energy Corp. Common Stock, 1,500 shares 22,906 63,375
Mcgraw Hill Inc. Common Stock, 3,000 shares 222,151 261,375
Medtronic Inc. Common Stock, 8,000 shares 74,939 447,000
Merck & Co. Inc. Common Stock, 5,900 shares 141,668 387,188
Microsoft Corp. Common Stock, 700 shares 47,600 61,425
Molex Inc. Common Stock, 7,813 shares 162,250 248,063
Motorola, Inc. Common Stock, 4,000 shares 178,740 228,000
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
- - -------------------------------------------------------------------------------
New England Elec Sys Common Stock, 500 shares 15,812 19,813
Phillip Morris COS Inc. Common Stock, 2,000 shares 64,047 180,500
Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 202,100
Public SVC Enterprise Common Stock, 1,600 shares 44,724 49,000
Grp. Inc.
Schulman A Inc. Common Stock, 3,750 shares 90,500 84,375
Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 188,100
Southwestern Bell Corp. Comm. Common Stock, 4,000 shares 125,257 229,000
Southwestern Public SVC Co. Common Stock, 1,300 shares 22,868 42,575
State Street Boston Corp. Common Stock, 4,200 shares 107,761 189,000
Student Loan Marketing Common Stock, 3,750 shares 157,259 247,500
Association
Sungard Data Systems, Inc. Common Stock, 6,600 shares 140,663 188,100
Sysco Corp. Common Stock, 3,000 shares 90,405 97,500
Texaco Inc. Common Stock, 3,000 shares 192,043 235,500
Texas Instr Inc. Common Stock, 4,000 shares 74,473 206,000
Union Pac Corp. Common Stock, 2,700 shares 158,155 178,200
United Healthcare Corp. Common Stock, 2,600 shares 94,549 169,972
Walgreen Co. Common Stock, 8,400 shares 122,255 250,950
WPS Resources Corp Common Stock, 1,000 shares 21,795 34,000
- - -------------------------------------------------------------------------------
Total Common Stocks $18,480,266 $33,689,565
- - -------------------------------------------------------------------------------
Common Funds:
Associated Common Stock Fund 112,746 units 5,731,689 9,329,403
Associated Regional Bank Fund 31,895 units 1,434,534 2,071,467
Associated Capital 93,305 units 2,076,489 3,394,306
Appreciation Fund
Associated Equity Income Fund 80,228 units 1,746,534 2,544,705
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 Telecommunicatons Fund 79,116 units 801,954 940,813
Associated Intermediate Term 119,235 units 1,275,296 1,674,377
Bond Fund
Associated Foreign Equity Fund 158,032 units 2,912,904 3,712,707
Associated Short Term Bond Fund 70,487 units 655,932 725,564
- - -------------------------------------------------------------------------------
Total Common Trust Funds $16,635,332 $24,393,342
- - -------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------
Loans to Participants 294,218 294,218
- - -------------------------------------------------------------------------------
Total Investments Held $48,089,935 $71,147,468
===============================================================================
Cash Equivalents:
Associated Bank Lakeshore Four Hundred Fifty-Five
Day CD, #903863 18,042 18,042
Associated Bank Lakeshore Seven Hundred Ten
Day CD, #903864 25,087 25,087
Associated Money Market Fund 2,262,140 shares 2,262,140 2,262,140
Goldman Sachs Financial Square Treasury Obligation Fund 5,154,377 5,154,377
Cash in Bank 1,955 1,955
- - -------------------------------------------------------------------------------
Total Cash Equivalents $7,461,601 $7,461,601
- - -------------------------------------------------------------------------------
See accompanying independent auditors' report
ASSOCIATED BANC-CORP
PROFIT SHARING & RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1995
- - -------------------------------------------------------------------------------
Expense
Incurred
Identity of Description Purchase Selling Lease with
Party Involved of Assets Price Price Rental Transaction
- - -------------------------------------------------------------------------------
Associated Cash Investment Fund --- 8,945,199 --- ---
Bank, N.A. 3,704,328 --- --- ---
Goldman Sachs Financial Square --- 6,340,465 --- ---
Treasury Obligation 11,494,842 --- --- ---
Fund
Associated Associated Money --- 18,377,354 --- ---
Bank, N.A. Market Fund 20,251,314 --- --- ---
- - ------------------------------------------------------------------------------
See accompanying independent auditors' report
ASSOCIATED BANC-CORP
PROFIT SHARING & RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1995
- - -------------------------------------------------------------------------------
Current Value
Identity of Description Cost of of Asset at Net Gain/
Party Involved of Assets Asset Transaction Date (Loss)
- - -------------------------------------------------------------------------------
Associated Cash Investment Fund 8,945,199 8,945,199 ---
Bank, N.A. 3,704,328 3,704,328
Goldman Sachs Financial Square 6,340,465 6,340,465 ---
Treasury Obligation 11,494,842 11,494,842 ---
Fund
Associated Associated Money 18,377,354 18,337,354 ---
Bank, N.A. Market Fund 20,251,314 20,251,314 ---
- - -------------------------------------------------------------------------------
See accompanying independent auditors' report
