Associated Banc-Corp dips after unveiling stock offering
14/11/2024 22:59
** Shares of regional lender Associated Banc-Corp ASB.N
fall 2.4% to $26.02 after the bell
** ASB announces public offering of 11.5 mln shares that are
worth $306.7 mln based on stock's last close
** Co plans to use the proceeds for general corporate
purposes, which may include investments in the bank and
potential balance sheet repositioning
** An increasing number of regional lenders are tapping
capital markets to raise equity after a Trump-fueled rally in
bank stocks
** Regional lenders Dime Community Bancshares DCOM.O and
Valley National Bancorp VLY.O have also recently raised equity
** ASB has 151.3 mln outstanding shares for $4.03 bln market
capitalization - LSEG
** BofA Securities and J.P. Morgan are the joint
book-running managers for the offering
** As of last close, ASB shares up 24.7% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))