Associated Banc-Corp in Green Bay, Wis., will report a large fourth-quarter loss after restructuring its balance sheet and pursuing a series of expense cuts.
The $42 billion-asset company said in a press release that it will record a $157 million after-tax loss in the fourth quarter. The bank will pay a one-time charge of $5 million largely tied to severance payments.
Associated laid off about 3% of its work force and will close 14 branches and cut discretionary spending. It also sold roughly $800 million of securities and will sell about $1 billion of mortgages by year-end.
The company also said it will hire 20 relationship managers to boost lending and deposit-gathering efforts.
The changes should keep noninterest expense growth between 3% to 4% this year and in 2024.