Business Context and Reporting Period
This Form 8-K Current Report was filed by Associated Banc-Corp on May 12, 2014. The filing addresses a regulatory event involving the Company's wholly-owned subsidiary, Associated Bank, N.A.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only specific financial figure disclosed is a regulatory penalty.
- Civil Money Penalty: $500,000
Material Changes and Events
The Office of the Comptroller of the Currency (OCC) informed Associated Bank, N.A. that it will assess a civil money penalty of $500,000. This penalty relates to Bank Secrecy Act/Anti-Money Laundering deficiencies previously identified in an OCC Consent Order dated February 23, 2012. The OCC lifted the Consent Order in March 2014.
Outlook, Risks, and Management Commentary
Management believes that there will be no additional civil money penalties imposed on the Bank related to the deficiencies identified in the Consent Order. The filing includes standard forward-looking statements cautioning that actual results may differ materially from expectations due to risks and uncertainties.
Investor Verification Checklist
- Verify the impact of the $500,000 penalty on the Company's current quarter earnings.
- Confirm that the OCC has formally lifted the Consent Order as of March 2014.
- Review the Company's most recent Form 10-K for additional risk factors related to regulatory compliance.
- Ensure no further penalties are anticipated regarding the 2012 BSA/AML deficiencies.