Associated Banc-Corp Says CEO Will Retire

GREEN BAY, Wis. (AP) — Associated Banc-Corp, which operates banks in Wisconsin, Illinois and Minnesota, said Wednesday its CEO Paul S. Beideman will retire.

Beideman will retire when his replacement is named, but will stay at the company until Feb. 2010 to assist with the transition. The company has hired an executive search firm and plans to name his successor by the end of 2009.

In July, the regional bank reported a second-quarter loss as it increased its loan loss provision and recorded a one-time assessment paid to the Federal Deposit Insurance Corp. Still, its loss of 19 cents per share during the quarter was better than the 24 cents per share loss analysts were expecting.

Shares of the company added 26 cents, or 2.5 percent, to close at $10.73.