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, 1996
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
<PAGE>
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
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Financial Statements and Schedules
December 31, 1996 and 1995
(With Independent Auditors' Report Thereon)
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page(s)
- --------------------------------------------------------------------------------
Independent Auditors' Report
Statement of Net Assets Available for Plan Benefits, December 31, 1996
Statement of Net Assets Available for Plan Benefits, December 31, 1995
Statement of Changes in Net Assets Available for Plan Benefits,
Year Ended December 31, 1996
Statement of Changes in Net Assets Available for Plan Benefits,
Year Ended December 31, 1995
Notes to Financial Statements
Item 27a - Schedule of Assets Held for Investment Purposes,
December 31, 1996
Item 27d - Schedule of Reportable Transactions, Year Ended
December 31, 1996
<PAGE>
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 Savings Plan
(Plan) as of December 31, 1996 and 1995, 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, 1996 and 1995, and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were 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, 1996 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 for the years ended December 31,
1996 and 1995. 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 6, 1997
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1996
- --------------------------------------------------------------------------------
Principal
Balanced Preservation Fixed Income Common
Fund Fund Fund Stock Fund
- --------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds 2,450,729 --- --- 26,628,386
Government securities 10,725,732 --- 1,710,840 ---
Corporate bonds --- --- --- ---
Common stocks 11,248,091 --- 3,358,890 ---
Loans to participants --- --- --- ---
- --------------------------------------------------------------------------------
Total investments 24,424,552 --- 5,249,730 26,628,386
Cash and cash equivalents 562,247 5,268,007 152,356 719,973
Accrued interest and
dividends receivable 188,814 23,342 94,838 1,285
Cash surrender value of
insurance --- --- --- ---
Employer contribution
receivable 863,503 402,954 242,129 1,148,304
Participant contributions
receivable --- --- --- ---
Due from (to) other funds 29,460 (18,798) (4,000) 15,315
Other (3,056) (642) (667) (3,320)
- --------------------------------------------------------------------------------
Net assets available for
plan benefits 26,065,520 5,674,863 5,734,386 28,509,943
================================================================================
See accompanying notes to financial statements
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1996
- --------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- --------------------------------------------------------------------------------
Assets:
Investments:
Common trust funds --- 2,911,338 --- 31,990,453
Government securities --- --- --- 12,436,572
Corporate bonds --- 25,007 --- 3,563,897
Common stocks 25,351,675 --- 355,892 36,955,658
Loans to participants --- --- 344,998 344,998
- --------------------------------------------------------------------------------
Total investments 25,351,675 3,292,237 344,998 85,291,578
Cash and cash equivalents 202,772 135,838 43,168 7,084,361
Accrued interest and dividends
receivable 206 2,966 3,784 315,235
Cash surrender value of
insurance --- --- 467,404 467,404
Employer contribution
receivable 1,283,110 --- --- 3,940,000
Participant contributions
receivable --- --- --- ---
Due from (to) other funds 4,693 --- (26,670) ---
Other (3,102) (352) 2,590 (8,549)
- --------------------------------------------------------------------------------
Net assets available for
plan benefits 26,839,354 3,430,689 835,274 97,090,029
================================================================================
See accompanying notes to financial statements
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
December 31, 1995
- --------------------------------------------------------------------------------
Principal
Balanced Preservation Fixed Income Common
Fund Fund Fund Stock 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
<PAGE>
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
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1996
- --------------------------------------------------------------------------------
Principal
Balanced Preservation Fixed Income Common
Fund Fund Fund Stock Fund
- --------------------------------------------------------------------------------
Additions:
Investment income:
Net realized and
unrealized gains/(losses) 1,972,568 --- (200,577) 4,506,788
Interest and dividends 795,914 283,787 353,753 42,279
- --------------------------------------------------------------------------------
Subtotal 2,768,482 283,787 153,176 4,549,067
Participant contributions 437,778 145,106 119,130 618,726
Employer contributions 863,503 402,954 242,129 1,148,304
Rollover contributions 428,293 22,549 42,605 159,955
Interfund transfers (296,120) (353,689) (705,514) 1,675,600
Other 98,075 (34,315) (2,588) 50,513
Transfers from other plans 339,089 190,213 77,662 678,367
- --------------------------------------------------------------------------------
Total additions 4,639,100 656,605 (73,400) 8,880,532
Deductions:
Distributions to participants 671,112 649,933 267,123 922,276
Administrative expenses 102,024 17,546 25,059 128,856
- --------------------------------------------------------------------------------
Total deductions 773,136 667,479 292,182 1,051,132
Net increase/(decrease)
in net assets available
for plan benefits 3,865,964 (10,874) (365,582) 7,829,400
Net assets available for
plan benefits:
Beginning of year 22,199,556 5,685,737 6,099,968 20,680,543
- --------------------------------------------------------------------------------
End of year 26,065,520 5,674,863 5,734,386 28,509,943
================================================================================
See accompanying notes to financial statements
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1996
- --------------------------------------------------------------------------------
Associated
Banc-Corp Self-
Common Directed
Stock Fund Funds Other Total
- --------------------------------------------------------------------------------
Additions:
Investment income:
Net realized and
unrealized gains/(losses) 1,037,136 277,294 --- 7,593,209
Interest and dividends 679,839 32,141 30,533 2,218,246
- --------------------------------------------------------------------------------
Subtotal 1,716,975 309,435 30,533 9,811,455
Participant contributions 716,074 --- --- 2,036,814
Employer contributions 1,283,110 --- --- 3,940,000
Rollover contributions 279,437 --- --- 932,839
Interfund transfers (320,277) --- --- ---
Other 19,521 --- 114,819 246,025
Transfers from other plans 336,679 --- --- 1,622,010
- --------------------------------------------------------------------------------
Total additions 4,031,519 309,085 145,352 18,589,143
Deductions:
Distributions to participants 1,286,363 290,269 185,630 4,272,706
Administrative expenses 72,302 11,744 1,222 358,753
- --------------------------------------------------------------------------------
Total deductions 1,358,665 302,013 186,852 4,631,459
Net increase/(decrease)
in net assets available
for plan benefits 2,672,854 7,422 (41,500) 13,957,684
Net assets available
for plan benefits:
Beginning of year 24,166,500 3,423,267 876,774 83,132,345
- --------------------------------------------------------------------------------
End of year 26,839,354 3,430,698 835,274 97,090,029
================================================================================
See accompanying notes to financial statements
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1995
- --------------------------------------------------------------------------------
Principal
Balanced Preservation Fixed Income Common
Fund Fund Fund Stock 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
Transfers from other plans 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
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended 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
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
December 31, 1996 and 1995
(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 Retirement Income Security Act of 1974 (ERISA).
On October 1, 1996, the net assets of the State Bank of Lodi Money Purchase
Pension Plan totaling $667,469 were merged with the net assets of the Plan.
On September 30, 1996, the net assets of First National Bank of Portage
Incentive Savings Plan totaling $954,541 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.
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 1996 and 1995) 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.
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
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 common stocks
and common trust funds managed by the Company's trust departments.
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
managed by the Company's trust departments, or mutual funds expected to
achieve capital and income growth.
Associated Banc-Corp Common Stock Fund - Invests in Associated Banc-Corp
common stock.
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
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.
Investment income is allocated to individual participants' accounts
quarterly based on the balance in the account at the beginning of the
quarter adjusted for activity during the quarter.
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.
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 1996 presentation.
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
(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.
(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:
1996 1995
---------------------------------------------------------------------------
Associated Banc-Corp Common Stock 25,374,175 23,376,007
Associated Common Stock Fund 12,553,953 9,329,403
Goldman Sachs Financial Square Treasury
Obligation Fund --- 5,154,377
Associated Foreign Equity Fund 5,136,951 ---
Dreyfus Government Cash Management Fund 5,268,007 ---
---------------------------------------------------------------------------
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Notes to Financial Statements
(4) Transactions with Related Parties
The Associated Banc-Corp common stock fund and the common stock fund of the
Plan at December 31, 1996 and 1995 included 605,510 shares and 571,010
shares, respectively, of common stock of the Company with fair values of
$25,734,175 and $23,376,007, respectively. Dividend income from Company
stock totaled $685,273 and $550,931 in 1996 and 1995, 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, 1996 and 1995, net assets available for plan benefits
include vested balances for terminated and retired participants of
approximately $820,000 and $670,000, 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. In the opinion of the Plan Administrator, the Plan
and its underlying trust have operated within the terms of the Plan and
remain qualified under the applicable provisions of the Code.
Participants in the Plan are not subject to federal income taxes until they
receive a distribution from the Plan.
(7) Subsequent Event
On March 18, 1997, the net assets of Farmers and Merchants Bank of
Reedsburg amount to $2,238,065 were merged into the Plan.
<PAGE>
ASSOCIATED BANC-CORP
PROFIT SHARING AND RETIREMENT SAVINGS PLAN
Item 27d - Schedule of Reportable Transactions
Employer Identification Number 39-1098068
Plan Number 002
Year Ended December 31, 1996
- --------------------------------------------------------------------------------
Identity of Description Purchase Selling Lease
Party Involved of Assets Price Price Rental
- --------------------------------------------------------------------------------
Associated Bank, N.A. Dreyfus Cash
Mgmt. Fund 18,307,825 --- ---
--- 16,491,471 ---
Goldman Sachs Financial Square
Treasury Obligation
Fund 603,717 --- ---
--- 5,758,094 ---
Associated Bank, N.A. Associated Money
Market Fund 12,935,148 --- ---
--- 15,197,288 ---
Associated Bank, N.A. Dreyfus Govt. Cash
Mgt. Fund 6,160,507 --- ---
--- 892,500 ---
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Current
Expense Value of
Incurred Asset at
Identity of Description with Cost of Transaction Net Gain/
Party Involved of Assets Transaction Asset Date (Loss)
- --------------------------------------------------------------------------------
Associated Bank, Dreyfus Cash
N.A. Mgmt. Fund --- 18,307,825 18,307,825 ---
--- 16,491,471 16,491,471 ---
Goldman Sachs Financial Square
Treasury Obliga-
tion Fund --- 603,717 603,717 ---
--- 5,758,094 5,758,094 ---
Associated Bank, Associated Money
N.A. Market Fund --- 12,935,148 12,935,148 ---
--- 15,197,288 15,197,288 ---
Associated Bank, Dreyfus Govt. Cash
N.A. Mgmt. Fund --- 6,160,507 6,160,507 ---
--- 892,500 892,500 ---
- --------------------------------------------------------------------------------
See accompanying independent auditors' report
<PAGE>
ASSOCIATED BANC-CORP.
PROFIT SHARING & RETIREMENT SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER: 39-1098068
PLAN NUMBER: 002
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
- --------------------------------------------------------------------------------
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 and
gov't agency securities:
Federal National Mtg Assn 6.060%, due 02/03/2006, 336,151 329,035
Callable 02/03/2003
@ 100 par, par value
$350,000
Federal National Mtg Assn 7.000%, due 03/09/2006, 250,000 245,975
Callable 03/09/1998
@ 100 par, par value
$250,000
Federal Home Loan Mtg Corp. 7.010%, due 03/15/2006, 200,000 197,563
Callable 03/15/1999
@ 100 par, par value
$200,000
Federal Home Loan Banks 7.290%, due 03/15/2008, 250,000 243,829
Callable 09/15/1996
@ 100 par, par value
$250,000
Federal Home Loan Mtg Corp. 8.000%, due 07/29/2011, 200,000 200,438
Callable 07/29/1997
par value $200,000
Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 242,850
Callable 08/19/1996
@ 100 par, par value
$250,000
Federal National Mtg Assn. 7.21%, due 08/18/2005, 250,000 251,150
par value $250,000
U.S. Treasury Note 6.75%, due 05/31/1997, 200,313 201,125
par value $200,000
U.S. Treasury Note 5.625%, due 08/31/1997, 497,530 500,470
par value $500,000
U.S. Treasury Note 5.125%, due 02/28/1998, 497,715 496,875
par value $500,000
U.S. Treasury Note 5.125%, due 03/31/1998, 299,151 298,032
par value $300,000
U.S. Treasury Note 5.125%, due 06/30/1998, 200,000 198,313
par value $200,000
U.S. Treasury Note 4.75%, due 08/31/1998, 199,688 196,688
par value $200,000
U.S. Treasury Note 4.75%, due 02/15/1997, 247,578 249,844
par value $250,000
<PAGE>
- --------------------------------------------------------------------------------
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 02/28/1999, 994,036 991,875
par value $1,000,000
U.S. Treasury Note 5.625%, due 02/28/2001, 997,630 980,315
par value $1,000,000
U.S. Treasury Note 5.875%, due 10/31/1998, 499,531 500,157
par value $500,000
U.S. Treasury Note 6.250%, due 04/30/2001, 998,770 1,002,500
par value $1,000,000
U.S. Treasury Note 6.375%, due 08/15/2002, 1,503,203 1,510,785
par value $1,500,000
U.S. Treasury Note 6.75%, due 05/31/1999, 499,375 508,750
par value $500,000
U.S. Treasury Note 7.125%, due 02/29/2000, 400,000 411,750
par value $400,000
U.S. Treasury Note 6.75%, due 04/30/2000, 199,458 203,813
par value $200,000
U.S. Treasury Note 5.875%, due 06/30/2000, 599,232 596,250
par value $600,000
U.S. Treasury Note 5.75%, due 08/15/2003, 974,453 970,315
par value $1,000,000
U.S. Treasury Note 5.875%, due 02/15/2004, 494,766 486,875
par value $500,000
U.S. Treasury Note 7.25%, due 05/15/2004, 395,687 421,000
par value $400,000
- --------------------------------------------------------------------------------
Total gov't & gov't agency securities 12,434,267 12,436,572
- --------------------------------------------------------------------------------
Corporate Bonds:
Associates Corp. of
North America 6.875%, due 01/15/1997, 24,630 25,007
par value $25,000
Banc One 7.375%, due 12/01/2002, 248,345 259,200
par value $250,000
Campbell Soup 8.58%, due 03/15/2001, 199,790 214,860
par value $200,000
Chrysler Finl Corp. 5.875%, due 02/07/2001, 249,513 244,200
par value $250,000
CNA Finl Corp. 6.250%, due 11/15/2003, 246,535 242,275
par value $250,000
Du Pont 6.00%, due 12/01/2001, 250,000 245,313
par value $250,000
Du Pont 9.15%, due 04/15/2000, 99,831 108,080
par value $100,000
<PAGE>
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Florida Power & Light 5.375%, due 04/01/2000, 229,443 241,450
par value $250,000
Ford Motor Credit Co. 5.750%, due 01/25/2001, 246,638 242,550
par value $250,000
Ford Motor Credit Corp. 6.125%, due 01/09/2006, 248,748 235,250
par value $250,000
Ford Motor Co. 7.250%, due 10/01/2008, 248,892 253,100
par value $250,000
Household Intl Netherlands 6.125%, due 03/01/2003, 248,920 243,675
par value $250,000
General Telephone of WI 7.50%, due 03/01/2002, 87,668 101,250
par value $100,000
J P Morgan & Co. 6.25%, due 12/15/2005, 324,139 312,097
par value $325,000
Philip Morris 6.00%, due 07/15/2001, 239,007 242,125
par value $250,000
SCE Capital Corp. 7.375%, due 12/15/2003, 248,227 253,425
par value $250,000
Walmart Stores 6.50%, due 06/01/2003, 99,781 100,040
par value $100,000
- --------------------------------------------------------------------------------
Total Corporate Bonds 3,540,107 3,563,897
- --------------------------------------------------------------------------------
Common Stock:
Abbott Labs Common Stock, 5,200
shares 82,696 263,900
American International
Group Inc. Common Stock, 3,000
shares 173,855 324,750
Amoco Corp. Common Stock, 3,300
shares 158,755 266,062
*Associated Banc Corp. Common Stock, 605,510
shares 14,119,137 25,734,175
AT&T Corp. Common Stock, 3,000
shares 102,520 130,125
Atlantic Richfield Co. Common Stock, 1,600
shares 154,114 212,000
Auto Data Process Common Stock, 6,000
shares 103,780 257,250
Baltimore Gas & Electric Co. Common Stock, 1,200
shares 23,568 32,100
Central & Southwest Corp. Common Stock, 2,400
shares 45,633 61,500
<PAGE>
- --------------------------------------------------------------------------------
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, 6,000 shares 36,768 315,750
Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 221,400
Conagra Inc. Common Stock, 3,000 shares 134,428 149,250
Diebold Inc. Common Stock 5,700 shares 137,564 358,387
Disney Walt Co. Common Stock, 5,679 shares 271,549 396,110
Echelon Intl. Corp. Common Stock, 107 shares 2 1,667
Electronic Data Systems Corp. Common Stock, 1,800 shares 100,044 77,850
Federal National Mortgage Common Stock, 6,000 shares 102,582 225,750
Assocation
Firstar Corp. Common Stock, 1,800 shares 79,830 94,500
Florida Progress Corp. Common Stock, 1,600 shares 52,048 51,600
Franklin Resources Inc. Common Stock, 1,400 shares 77,140 95,725
General Elec Co. Common Stock, 3,400 shares 109,359 336,175
Gillette Co. Common Stock, 5,000 shares 71,254 388,750
Heilig Meyers Co. Common Stock, 5,237 shares 57,034 84,447
Hewlett Packard Co. Common Stock, 6,000 shares 86,943 301,500
Hubbell Inc. Common Stock, 6,294 shares 134,180 272,217
Illinois Cent Corp. Common Stock, 6,000 shares 136,200 192,000
Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 159,750
Interpublic Group Common Stock, 2,000 shares 91,910 95,000
LG and E Energy Corp. Common Stock, 3,000 shares 22,906 73,500
Lucent Technologies Inc. Common Stock, 972 shares 39,839 44,955
Manpower Inc. Common Stock, 3,800 shares 144,738 123,500
<PAGE>
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Mcgraw-Hill Inc. Common Stock, 6,000 shares 222,151 276,750
MCI Communications Corp. Common Stock, 5,000 shares 144,675 163,440
Medtronic Inc. Common Stock, 8,000 shares 74,939 544,000
Merck & Co. Inc. Common Stock, 5,900 shares 141,668 469,787
Microsoft Corp. Common Stock, 1,400 shares 47,600 115,675
Molex Inc. Common Stock, 7,813 shares 162,250 305,684
Motorola Inc. Common Stock, 4,000 shares 178,740 245,000
New England Electric System Common Stock, 500 shares 15,812 17,438
Philip Morris COS Inc. Common Stock, 600 shares 19,214 67,800
Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 235,425
Public SVC Enterprise Grp Inc. Common Stock, 1,600 shares 44,724 43,600
SBC Communications Inc. Common Stock, 4,000 shares 125,257 207,500
Service Corp. Intl. Common Stock, 4,000 shares 114,660 112,000
Schering Plough Corp. Common Stock, 2,400 shares 137,895 155,400
Schulman A Inc. Common Stock, 3,750 shares 90,500 91,875
Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 237,264
Southwestern Pub SVC Co. Common Stock, 1,300 shares 22,868 45,987
Staples Inc. Common Stock, 6,000 shares 117,750 108,378
State Street Boston Corp. Common Stock, 4,200 shares 107,760 271,425
Student Loan Marketing Common Stock, 3,000 shares 125,807 279,375
Association
Sungard Data Systems Inc. Common Stock, 6,600 shares 140,663 260,700
<PAGE>
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Sysco Corp. Common Stock, 3,000 shares 90,405 97,875
Texaco Inc. Common Stock, 3,000 shares 192,043 294,375
Texas Instr Inc. Common Stock, 4,000 shares 74,473 255,000
Union Pac Corp. Common Stock, 2,700 shares 106,343 162,337
Union Pacific Res. Grp. Inc. Common Stock, 2,287 shares 51,818 66,323
United Healthcare Corp. Common Stock, 2,600 shares 94,549 117,000
Walgreen Co. Common Stock, 8,400 shares 122,255 338,100
WPS Resources Corp. Common Stock, 1,000 shares 21,795 28,500
- --------------------------------------------------------------------------------
Total Common Stocks 20,126,944 36,955,658
- --------------------------------------------------------------------------------
Common Trust Funds:
*Associated Common
Stock Fund 123,105 units 6,734,681 12,553,953
*Associated Regional
Bank Fund 34,337 units 1,629,583 2,878,815
*Associated Capital
Appreciation Fund 97,594 units 2,318,190 4,212,786
*Associated Equity
Income Fund 90,782 units 2,104,786 3,407,944
*Associated Tele-
communications 99,245 units 1,052,812 1,327,013
Fund
*Associated Intermediate
Term Bond Fund 118,205 units 1,272,864 1,714,385
*Associated Foreign
Equity Fund 184,983 units 3,651,895 5,136,951
*Associated Short
Term Bond Fund 70,487 units 655,932 758,606
- --------------------------------------------------------------------------------
Total Common Trust Funds 19,420,743 31,990,453
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Loans to Participants (7.00% - 10.65%) 344,998 344,998
- --------------------------------------------------------------------------------
Total Investments Held 55,867,059 85,291,578
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Cash Equivalents:
Dreyfus Cash Management Fund 1,816,354 1,816,354
Dreyfus Government Cash Mgmt. Fund 5,268,007 5,268,007
- --------------------------------------------------------------------------------
Total Cash Equivalents 7,084,361 7,084,361
- --------------------------------------------------------------------------------
See accompanying independent auditors' report.
