Business Context and Reporting Period
This Form 8-K Current Report was filed by Associated Banc-Corp on July 26, 2016. The filing reports a specific corporate event regarding the redemption of preferred stock rather than a standard periodic financial reporting period.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, or total debt. The only specific financial data disclosed relates to the redemption terms of the preferred stock:
- Instrument: 8.00% Perpetual Preferred Stock, Series B (Depositary Shares, NYSE: ASB PR B).
- Redemption Price: $25.00 per Depositary Share.
- Additional Payment: Plus any declared and unpaid dividends accrued to the Redemption Date.
Material Changes
The material change reported is the Company's decision to call for the redemption of all outstanding Depositary Shares representing a 1/40th interest in the Series B Preferred Stock. This action is scheduled to occur on September 15, 2016.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general risks. The primary contingency noted is the scheduled redemption date of September 15, 2016, at which point the shares will be retired at the specified price.
Investor Verification Checklist
- Verify the exact number of Depositary Shares outstanding to calculate the total cash outflow for the redemption.
- Confirm the status of any declared but unpaid dividends as of September 15, 2016, to determine the final redemption cost per share.
- Review the attached press release (Exhibit 99.1) for any additional context regarding the rationale for the redemption.