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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) |
August 26, 2024 |
(Exact name of registrant as specified in its charter) |
Wisconsin |
001-31343 |
39-1098068 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
433 Main Street, Green Bay, Wisconsin |
54301 |
(Address of principal executive offices) |
(Zip code) |
Registrant’s telephone number, including area code |
920 -491-7500 |
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each class
| Trading
Symbol(s)
| Name of each exchange on which
registered
|
Common Stock, par value $0.01 per share
| ASB
| The New York Stock Exchange
|
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
| ASB PrE
| The New York Stock Exchange
|
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625%
Non-Cum. Perp Pref Stock, Srs F | ASB PrF | The New York Stock Exchange |
6.625%
Fixed Rate Reset Subordinated Notes due 2033 | ASBA | The New York Stock Exchange |
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of
the Exchange Act. ¨
On August 29, 2024, Associated Banc-Corp (the “Company”)
completed the public offer and sale of $300,000,000 aggregate principal amount of its 6.455% Fixed Rate / Floating Rate Senior Notes Due
August 29, 2030 (the “Notes”). The net proceeds, after expenses, of the offering were approximately $298.3 million.
The Notes were issued pursuant to an Indenture, dated as of
March 14, 2011, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Indenture”). The issuance and sale of the Notes and the terms of the Notes and the Indenture are more fully described
in a prospectus supplement dated August 26, 2024 to the prospectus dated June 6, 2024, which was filed with the Securities
and Exchange Commission as part of the Company’s Registration Statement on Form S-3 (Registration No. 333-280004) filed on June 6, 2024 (the “Registration Statement”). The form of Global Note (the “Global Note”)
representing the Notes is filed as Exhibit 4.1 to this report and is incorporated by reference herein. The description of the
Global Note does not purport to be complete and is qualified in its entirety by reference to such exhibit.
On August 26,
2024, the Company also entered into an underwriting agreement (the “Underwriting Agreement”) with RBC Capital Markets,
LLC, BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the underwriters named therein, with respect
to the issuance and sale of the Notes. A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated
herein by reference. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety
by reference to such exhibit.
In connection with the issuance and sale of the Notes, Godfrey &
Kahn, S.C. has delivered an opinion to the Company, a copy of which is attached as Exhibit 5.1 to this Form 8-K (the “Legal
Opinion”), that the Notes constitute valid and binding obligations of the Company.
This Current Report on the Form 8-K is being filed to incorporate
the Underwriting Agreement and the Legal Opinion by reference into the Registration Statement.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are being filed as part of this Current Report
on Form 8-K:
1.1 |
|
Underwriting Agreement dated as of August 26, 2024 among Associated Banc-Corp, RBC Capital Markets, LLC, BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the underwriters named therein. |
4.1 |
|
Form of Global Note dated as of August 29, 2024 representing $300,000,000 6.455% Fixed Rate / Floating Rate Senior Notes Due 2030. |
5.1 |
|
Opinion of Godfrey & Kahn, S.C. |
23.1 |
|
Consent of Godfrey & Kahn, S.C. (included in Exhibit 5.1). |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ASSOCIATED BANC-CORP |
|
|
|
|
Dated: August 29, 2024 |
By: |
/s/ Randall J. Erickson |
|
Randall J. Erickson |
|
Executive Vice President, General Counsel and Corporate Secretary |
Exhibit 1.1
Associated Banc-Corp
$300,000,000 6.455% Fixed-Rate / Floating Rate
Senior Notes due 2030
Underwriting Agreement
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
As Representatives of the
several Underwriters listed
in Schedule 1 hereto
c/o BofA Securities, Inc.
One Bryant Park
New York, New York 10036
c/o Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
c/o RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, New York 10281
Ladies and Gentlemen:
Associated Banc-Corp, a bank holding company registered
pursuant to the Bank Holding Company Act of 1956, as amended (the “BHCA”), and a Wisconsin corporation (the “Company”),
proposes to issue and sell to the several Underwriters listed in Schedule 1 hereto (the “Underwriters”), for whom you are
acting as representatives (the “Representatives”), $300,000,000 principal amount of its 6.455% Fixed-Rate / Floating Rate
Senior Notes due 2030 (the “Securities”). The Securities will be issued pursuant to an Indenture, dated as of March 14,
2011 between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented
by the Pricing Committee Resolutions adopted on August 26, 2024, as certified by Randall J. Erickson, Executive Vice President,
General Counsel and Corporate Secretary of the Company, and the officers’ certificate dated August 26, 2024 and signed by
Derek Meyer, Executive Vice President and Chief Financial Officer of the Company and Andrew Arnold, Executive Vice President and Corporate
Treasurer of the Company (collectively, the “Indenture”).
The Company hereby confirms its agreement with
the several Underwriters concerning the purchase and sale of the Securities, as follows:
1. Registration
Statement. The Company has prepared and filed with the Securities and Exchange Commission (the “Commission”) under the
Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Securities
Act”), a registration statement on Form S-3ASR (File No. 333-280004), including a prospectus, relating to securities,
including the Securities, to be issued, offered and sold from time to time by the Company or any selling security holder. Such registration
statement, as amended to the date of this Agreement, including the information, if any, deemed pursuant to Rule 430B under the Securities
Act to be part of the registration statement at the time of its effectiveness, is referred to herein as the “Registration Statement”;
and as used herein, the term “Preliminary Prospectus” means the prospectus included in such registration statement (and any
amendments thereto) at the time it became effective and the preliminary prospectus supplement dated August 26, 2024 relating to
the Securities and filed with the Commission pursuant to Rule 424(b) under the Securities Act, and the term “Prospectus”
means the prospectus (including any prospectus supplement) in the form first used (or made available upon request of purchasers pursuant
to Rule 173 under the Securities Act) in connection with confirmation of sales of the Securities. Any reference in this Agreement
to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated
by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the effective date of the Registration Statement
or the date of such Preliminary Prospectus or the Prospectus, as the case may be and any reference to “amend”, “amendment”
or “supplement” with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include any documents filed after such date under the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission thereunder (collectively, the “Exchange Act”) that are deemed to be incorporated by reference
therein. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and
the Prospectus.
At or prior to 1:25 p.m. on August 26,
2024 (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time of Sale Information”):
the Preliminary Prospectus, and each “free-writing prospectus” (as defined pursuant to Rule 405 under the Securities
Act) listed on Annex C(i) hereto as constituting part of the Time of Sale Information.
2. Purchase
of the Securities by the Underwriters. (a) The Company agrees to issue and sell the Securities to the several Underwriters
as provided in this Agreement, and each Underwriter, on the basis of the representations, warranties and agreements set forth herein
and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company, the respective principal
amount of Securities set forth opposite the name of such Underwriter in Schedule 1 hereto at a price equal to 100.000% of the principal
amount thereof, plus accrued and unpaid interest from and including August 26, 2024 to the Closing Date (as defined below), less
a fee of 0.400% per note. The Company will not be obligated to deliver any of the Securities except upon payment for all the Securities
to be purchased as provided herein.
(b) The
Company understands that the Underwriters intend to make a public offering of the Securities as soon after the effectiveness of this
Agreement as in the judgment of the Representatives is advisable, and initially to offer the Securities on the terms set forth in the
Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell Securities to or through any affiliate of an
Underwriter and that any such affiliate may offer and sell Securities purchased by it to or through any Underwriter.
(c) Payment
for and delivery of the Securities will be made at the offices of Sullivan & Cromwell LLP, 125 Broad Street, New York, New York
10004 at 10:00 a.m., New York City time, on August 29, 2024, or at such other time or place on the same or such other date, not
later than the third business day thereafter, as the Representatives and the Company may agree upon in writing. The time and date for
delivery is herein called the “Closing Date”.
(d) Payment
for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the
Representatives against delivery to the nominee of The Depository Trust Company, for the account of the Underwriters, of one or more
global notes representing the Securities (the “Global Note”), with any transfer taxes payable in connection with the sale
of the Securities duly paid by the Company. The Global Note will be made available for inspection by the Representatives not later than
1:00 p.m., New York City time, on the business day prior to the Closing Date.
(e) The
Company acknowledges and agrees that the Underwriters are acting solely in the capacity of an arm’s length contractual counterparty
to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of
the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither
the Representatives nor any other Underwriter is advising the Company or any other person as to any legal, tax, investment, accounting
or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible
for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on
behalf of the Company.
3. Representations
and Warranties of the Company. The Company represents and warrants to each Underwriter as of the Time of Sale and as of the Closing
Date that:
(a) Preliminary
Prospectus. No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each Preliminary
Prospectus, at the time of filing thereof, complied in all material respects with the Securities Act and did not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation
and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter
furnished to the Company in writing by such Underwriter through the Representatives expressly for use in any Preliminary Prospectus.
(b) Time
of Sale Information. The Time of Sale Information at the Time of Sale did not, and at the Closing Date will not, contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with
respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in such Time of Sale Information. No statement
of material fact included in the Prospectus has been omitted from the Time of Sale Information and no statement of material fact included
in the Time of Sale Information that is required to be included in the Prospectus has been omitted therefrom.
(c) Issuer
Free Writing Prospectus. The Company (including its agents and representatives, other than the Underwriters in their capacity as
such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer
to any “written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or
solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than
a communication referred to in clauses (i), (ii) and (iii) below) an “Issuer Free Writing Prospectus”) other than
(i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134
under the Securities Act, (ii) the Preliminary Prospectus, (iii) the Prospectus, (iv) the documents listed on Annex C(i) hereto
as constituting the Time of Sale Information and (v) any electronic road show or other written communications, in each case approved
in writing in advance by the Representatives and listed in Annex C(ii) hereto. Each such Issuer Free Writing Prospectus complied
in all material respects with the Securities Act, has been or will be (within the time period specified in Rule 433 under the Securities
Act) filed in accordance with the Securities Act (to the extent required thereby) and, when taken together with the Preliminary Prospectus
filed prior to the first use of such Issuer Free Writing Prospectus, did not, and at the Closing Date will not, contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; each such Issuer Free Writing Prospectus listed on Annex C hereto does not conflict with
the information contained in the Registration Statement or the Prospectus; provided that the Company makes no representation and
warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus in reliance upon and in conformity
with information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly
for use in any Issuer Free Writing Prospectus.
(d) Registration
Statement and Prospectus. The Registration Statement is an “automatic shelf registration statement” as defined in Rule 405
under the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof; and no notice
of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under
the Securities Act has been received by the Company. No order suspending the effectiveness of the Registration Statement has been issued
by the Commission and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or related
to the offering has been initiated or threatened by the Commission; as of the applicable effective date of the Registration Statement
and any amendment thereto, the Registration Statement complied and will comply in all material respects with the Securities Act and the
Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Trust
Indenture Act”), and did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any
amendment or supplement thereto and as of the Closing Date, the Prospectus will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with
respect to (i) that part of the Registration Statement that constitutes the Statement of Eligibility (Form T-1) of the Trustee
under the Trust Indenture Act or (ii) any statements or omissions made in reliance upon and in conformity with information relating
to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration
Statement and the Prospectus and any amendment or supplement thereto.
(e) Incorporated
Documents. The documents incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale Information,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Exchange Act and none of such documents contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the Prospectus or the
Time of Sale Information, when such documents become effective or are filed with the Commission, as the case may be, will conform in
all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading.
(f) Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act) included or incorporated by reference in any of the Registration Statement, the Time of Sale Information or the Prospectus
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(g) Ineligible
Issuer Status. (i) At the earliest time after the filing of the Registration Statement that the Company or another offering
participant makes a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (ii) at
the date of this Agreement, the Company was not and is not an “ineligible issuer,” as defined in Rule 405 under the
Securities Act.
(h) Well-Known
Seasoned Issuer Status. (i) At the time of initial filing of the Registration Statement, (ii) at the time of the most recent
amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by
post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus),
and (iii) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c))
made any offer relating to the Securities in reliance on the exemption of Rule 163, the Company was a “well-known seasoned
issuer” as defined in Rule 405.
(i) Existence
of the Company. The Company has been duly incorporated and is validly existing under the laws of the State of Wisconsin (it being
understood that the State of Wisconsin does not acknowledge good standing in its Certificate of Status), no action or proceeding for
the dissolution of the Company has been taken, and the Company is not aware of the failure by the Company to make any prescribed filing
or take any required action to maintain its legal status certification with the Department of Financial Institutions in the State of
Wisconsin with power and authority (corporate and other) to own its properties and conduct its business as described in the Time of Sale
Information and the Prospectus; and the Company is duly qualified to do business as a foreign corporation in good standing in all other
jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the
failure to be so qualified would not, individually or in the aggregate, result in a material adverse effect on the condition (financial
or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries taken as a whole (“Material
Adverse Effect”).
(j) Subsidiaries;
Banking Subsidiaries. The Company’s sole significant subsidiary and principal bank subsidiary is Associated Bank, National
Association (the “Bank”). The Bank has been duly organized and is validly existing as a nationally chartered commercial bank
under the laws of the United States, with the power and authority (corporate or other) to own its properties and conduct its business
as described in the Time of Sale Information and the Prospectus. Each other subsidiary of the Company is validly existing and (if such
concept exists in such jurisdiction) in good standing under the laws of the jurisdiction of its incorporation or organization, as the
case may be, with power and authority (corporate and other) to own its properties and conduct its business as described in the Time of
Sale Information and the Prospectus. Each subsidiary of the Company is duly qualified to do business as a foreign corporation in good
standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification,
except where failure to be in good standing, have such power and authority, or be so qualified would not, individually or in the aggregate,
result in a Material Adverse Effect. All of the issued and outstanding equity interests of the Bank have been duly authorized and validly
issued and are fully paid and nonassessable (subject to 12 U.S.C. § 55), and all of the equity interests of the Bank are owned by
the Company free and clear from liens, encumbrances and defects. The deposit accounts of the Bank are insured up to the applicable limits
by the Federal Deposit Insurance Corporation. Associated Trust Company, National Association (the “Trust”) is duly organized
and validly existing as a nationally chartered trust company in good standing under the laws of the United States. All of the issued
and outstanding equity interests of the Trust have been duly authorized and validly issued and are fully paid and nonassessable, and
all of the equity interests of the Trust are owned by the Bank, free from liens, encumbrances and defects. All of the issued and outstanding
equity interests of the subsidiaries of the Company other than the Bank and the Trust have been duly authorized and validly issued and
are fully paid and nonassessable, and all of the equity interests of the other subsidiaries are owned by the Company, free from liens,
encumbrances and defects, except where such defects, individually or in aggregate, would not have a Material Adverse Effect.
(k) Authorization
of Capital Stock. All outstanding shares of capital stock of the Company have been duly authorized; the authorized capitalization
of the Company is as set forth in the Time of Sale Information and the Prospectus; all outstanding shares of capital stock of the Company
are validly issued, fully paid and nonassessable; the shareholders of the Company have no preemptive rights with respect to the Securities;
and none of the outstanding shares of capital stock of the Company have been issued in violation of any preemptive or similar rights
of any security holder.
(l) No
Finder’s Fee. Except as disclosed in the Time of Sale Information and the Prospectus, there are no contracts, agreements or
understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter for a
brokerage commission, finder's fee or other like payment in connection with this offering.
(m) Absence
of Further Requirements. No consent, approval, authorization, or order of, or filing or registration with, any person (including
any governmental agency or body or any court) is required in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated by this Agreement (including without limitation the offering, issuance and sale of the Securities by
the Company), except such as have been obtained, or made and such as may be required under state securities laws.
(n) Title
to Property. Except as disclosed in the Time of Sale Information and the Prospectus, the Company and its subsidiaries have good and
marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, charges, encumbrances
and defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by them and,
except as disclosed in the Time of Sale Information and the Prospectus, the Company and its subsidiaries hold any leased real or personal
property under valid and enforceable leases with no terms or provisions that would materially interfere with the use made or to be made
thereof by them.
(o) Absence
of Defaults and Conflicts Resulting from Transaction. The execution, delivery and performance of this Agreement, and the issuance
and sale of the Securities, will not result in a breach or violation of any of the terms and provisions of, or constitute a default or
a Debt Repayment Triggering Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon any property
or assets of the Company or any of its subsidiaries pursuant to (i) the charter or by-laws of the Company or the Bank, (ii) any
statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the
Company or any of its subsidiaries or any of their properties, or (iii) any agreement or instrument to which the Company or any
of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the properties of the Company
or any of its subsidiaries is subject, except in the case of clause (ii) or (iii) for breaches, violations, defaults, liens,
charges or encumbrances that would not have a Material Adverse Effect. A “Debt Repayment Triggering Event” means any event
or condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence
of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of
all or a portion of such indebtedness by the Company or any of its subsidiaries.
(p) Absence
of Existing Defaults and Conflicts. (i) Neither the Company nor the Bank is in violation of its respective charter or by-laws,
or other organizational instruments and (ii) neither the Company nor any of its subsidiaries is in violation of or in default (or
with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained
in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of
them is bound or to which any of the properties of any of them is subject, except, in the case of clause (ii) only, such violations
or defaults that would not have, individually or in the aggregate, a Material Adverse Effect.
(q) Authorization
of Agreement. This Agreement has been duly authorized, executed and delivered by the Company.
(r) Bank
Holding Company; Possession of Licenses and Permits. The Company is duly registered as a bank holding company under the BHCA. Except
as would not individually or in the aggregate have a Material Adverse Effect, the Company and its subsidiaries possess, and are in compliance
with the terms of, all certificates, authorizations, franchises, licenses and permits (“Licenses”) and have made all filings,
applications and registrations with all courts, regulatory authorities or governmental agencies or bodies having jurisdiction over the
Company and its subsidiaries necessary to the conduct of the business now conducted or proposed. The Bank possesses an effective charter
duly issued by the Office of the Comptroller of the Currency. Except as described in the Time of Sale Information and the Prospectus,
neither the Company nor the Bank has received any notice of proceedings relating to the revocation or modification of any Licenses that,
if determined adversely to the Company or the Bank, would individually or in the aggregate have a Material Adverse Effect. The Company
has not elected to be treated as a financial holding company.
(s) No
Enforcement. Except as disclosed in the Time of Sale Information and the Prospectus, and except for such as constitute confidential
supervisory information that the Company or a subsidiary is not free to disclose under applicable laws or rules or regulations of
a Federal banking agency, neither the Company nor any subsidiary of the Company (i) is the subject of any cease-and-desist order,
operating agreement, written agreement, consent decree, memorandum of understanding, commitment letter, order, directive, extraordinary
supervisory letter or similar action taken, issued or required by any governmental, regulatory, judicial, self-regulatory or similar
body or (ii) has been advised by any governmental, regulatory, judicial, self-regulatory or similar body having jurisdiction over
the Company and its subsidiaries that it is considering taking, issuing or requiring any of the items in clause (i), the disclosure of
which advisement would be required in the Time of Sale Information or the Prospectus pursuant to the Securities Act. The Company and
its subsidiaries are in compliance in all material respects with the terms of any item listed in clause (i) that is disclosed in
the Time of Sale Information and the Prospectus.
(t) Absence
of Labor Dispute. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the
Company, is imminent that could have a Material Adverse Effect.
(u) Possession
of Intellectual Property. The Company and its subsidiaries own, possess or can acquire on reasonable terms, adequate trademarks,
trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
“intellectual property rights”) necessary to conduct the business now conducted by them, and have not received any notice
of infringement of or conflict with asserted rights of others with respect to any intellectual property rights that, if determined adversely
to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect.
(v) Environmental
Laws. Except as disclosed in the Time of Sale Information and the Prospectus, neither the Company nor any of its subsidiaries is
in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign,
relating to the use, disposal or release of Hazardous Substances (as defined below) or relating to the protection or restoration of the
environment or human exposure to Hazardous Substances (collectively, “environmental laws”), owns or operates any real property
contaminated with any Hazardous Substances, is liable for any off-site disposal of, or contamination by, Hazardous Substances, or is
subject to any claim by any governmental agency or body or other person relating to any environmental laws or Hazardous Substances, which
violation, contamination, liability or claim would individually or in the aggregate have a Material Adverse Effect and, to the knowledge
of the Company, there is no pending investigation that might lead to such a claim. “Hazardous Substances” means (i) petroleum
or petroleum products, by-products or breakdown products, radioactive materials, asbestos containing materials, polychlorinated biphenyls
and mold, and (ii) any other chemical, material or substances defined or regulated as toxic or hazardous under environmental laws.
(w) Absence
of Manipulation. The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that
would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities.
(x) Internal
Controls and Compliance with the Sarbanes-Oxley Act. Except as set forth in the Time of Sale Information and the Prospectus, the
Company, its subsidiaries and the Company’s Board of Directors (the “Board”) are in compliance in all material respects
with Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”).
The Company maintains a system of internal controls, including, but not limited to, internal controls over accounting matters and financial
reporting, an internal audit function and legal and regulatory compliance controls (collectively, “Internal Controls”) that
comply with the Exchange Act, the Securities Act and the Sarbanes-Oxley Act and are sufficient to provide reasonable assurances that
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles
and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general
or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Internal Controls over financial reporting are effective and the
Company is not aware of any material weakness in its Internal Control over financial reporting. Except as disclosed in the Time of Sale
Information and the Prospectus, since December 31, 2023, there has been no change in the Internal Controls that has materially affected,
or is reasonably likely to materially affect, the Internal Controls. The Internal Controls are overseen by the Audit Committee of the
Board (the “Audit Committee”) in accordance with the Public Company Accounting Oversight Board and the rules of The
New York Stock Exchange. The Company has not publicly disclosed or reported to the Audit Committee or the Board, and within the next
90 days the Company does not reasonably expect to publicly disclose or report to the Audit Committee or the Board, a significant deficiency,
material weakness, change in Internal Controls or fraud involving management or other employees who have a significant role in Internal
Controls (each, an “Internal Control Event”), any violation of, or failure to comply with, the Securities Act, the Exchange
Act or the Sarbanes-Oxley Act, or any matter which, if determined adversely, would have a Material Adverse Effect. The Company maintains
“disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply
with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information
relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial
officer by others within those entities and that such disclosure controls and procedures are effective.
(y) Absence
of Accounting Issues. A member of the Audit Committee has confirmed to the Chief Financial Officer that, except as set forth in the
Time of Sale Information and the Prospectus, the Audit Committee is not reviewing or investigating, and neither the Company’s independent
auditors nor its internal auditors have recommended that the Audit Committee review or investigate, (i) adding to, deleting, changing
the application of, or changing the Company’s disclosure with respect to any of the Company’s material accounting policies;
(ii) any matter that could result in a restatement of the Company’s financial statements for any annual or interim period
during the current or prior three fiscal years; or (iii) any Internal Control Event.
(z) Legal
Proceedings. Except as disclosed in the Time of Sale Information and the Prospectus, there are no pending actions, suits or proceedings
(including any inquiries or investigations by or before any court or governmental agency or body, domestic or foreign) against or affecting
the Company or any of its subsidiaries or any of their respective properties that could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations
under this Agreement, or which are otherwise material in the context of the sale of the Securities; and no such actions, suits or proceedings
(including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) are, to the Company’s
knowledge, threatened or contemplated.
(aa) Financial
Statements and Information. The financial statements included or incorporated by reference in the Registration Statement, the Time
of Sale Information and the Prospectus present fairly the financial position of the Company and its consolidated subsidiaries as of the
dates shown and their results of operations and cash flows for the periods shown, and such financial statements have been prepared in
conformity with the generally accepted accounting principles in the United States applied on a consistent basis. The financial information
(including at and for years ended December 31, 2023 and December 31, 2022 and the three months ended March 31, 2024 and
the three and six months ended June 30, 2024) included in the Registration Statement, the Time of Sale Information and the Prospectus
fairly present, in all material respects, the information therein and have been compiled on a basis consistent with that of the audited
financial statements included or incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus.
The other financial, operational and statistical information (including at and for the six months ended June 30, 2024 and the year
ended December 31, 2023) included or incorporated by reference in the Registration Statement, the Time of Sale Information and the
Prospectus fairly present, in all material respects, the information therein and are derived from the books and records of the Company.
All disclosures contained in the Registration Statement, the Time of Sale Information and the Prospectus regarding “non-GAAP financial
measures” (as such term is defined by the Exchange Act) comply in all material respects with Regulation G of the Exchange Act and
Item 10 of Regulation S-K under the Securities Act. The presentation of the “as adjusted” financial statements showing the
effect of the proceeds received from the sale of the Securities reflect the proper application of those adjustments to the corresponding
historical financial statement amounts.
(bb) No
Material Adverse Change in Business. Except as disclosed in the Time of Sale Information and the Prospectus, since the end of the
period covered by the latest audited financial statements included or incorporated by reference in the Time of Sale Information and the
Prospectus (i) there has been no change, nor any development or event involving a prospective change, in the condition (financial
or otherwise), results of operations, business, properties or prospects of the Company and its subsidiaries, taken as a whole, that is
material and adverse, (ii) except as disclosed in or contemplated by the Time of Sale Information and the Prospectus, there has
been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock and (iii) except
as disclosed in or contemplated by the Time of Sale Information and the Prospectus, there has been no material adverse change in the
capital stock, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and its subsidiaries.
(cc) Investment
Company Act. The Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described in the Time of Sale Information and the Prospectus, will not be an “investment company” as defined in
the Investment Company Act of 1940, as amended.
(dd) Ratings.
No “nationally recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62)
under the Exchange Act (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or
otherwise) on the Company’s retaining any rating assigned to the Company or any securities of the Company or (ii) except as
publicly disclosed, has indicated to the Company that it is considering any of the actions described in Section 6(c) hereof.
(ee) Anti-Bribery
Laws; Money Laundering Laws; OFAC. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director
or officer of the Company or any of its subsidiaries, any employee of the Company or any of its subsidiaries, any agent, affiliate or
other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for
any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made from corporate
funds any direct or indirect unlawful payment or unlawful benefit to any foreign or domestic government or regulatory official or employee
of any government owned or controlled entity or of a public international organization, or any person acting in an official capacity
for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, unlawful
benefit, rebate, payoff, influence payment, kickback or other unlawful payment or unlawful benefit. The Company and its subsidiaries
have instituted, and maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery
and anti-corruption laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act
of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered
or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit
or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.
Neither the Company nor any of its subsidiaries, directors or officers, nor, to the knowledge of the Company, any employee of the Company
or any agent, or affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently
the subject or the target of any sanctions administered or enforced by the U.S. Government (including, without limitation, the Office
of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including,
without limitation, the designation as a “specially designated national” or “blocked person”) (collectively,
“Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that
is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria and the Crimea region of
Ukraine, the non-government controlled areas of the Zaporizhzhia and Kherson regions of Ukraine, the so-called Donetsk People’s
Republic and the so-called Luhansk People’s Republic regions of Ukraine, and any other Covered Region of Ukraine identified pursuant
to Executive Order 14065 (each, a “Sanctioned Country”); and the Company will not directly or indirectly use the proceeds
of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity (i) for the purpose of financing any activities of any person that, at the time of such financing,
is the subject or the target of Sanctions or (ii) for the purpose of financing any activities of any Sanctioned Country.
(ff) Tax.
The Company and its subsidiaries have filed all federal, state, local and non-U.S. tax returns that are required to be filed or have
requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect); and, except
as set forth in the Time of Sale Information and the Prospectus, the Company and the Bank have paid all taxes (including any assessments,
fines or penalties) required to be paid by them, other than (i) those being contested in good faith and for which adequate reserves
have been established and such reserves appear in the Company’s consolidated financial statements and (ii) where the failure
to pay would not, individually or in the aggregate, have a Material Adverse Effect.
(gg) Insurance.
The Company and its subsidiaries are insured by insurers with appropriately rated claims paying abilities against such losses and risks
and in such amounts as are customary for the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds
insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full
force and effect; the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material
respects; and there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which
any insurance company is denying liability or defending under a reservation of rights clause; and neither the Company nor any such subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse
Effect, except as set forth in or contemplated in the Time of Sale Information and the Prospectus.
(hh) Independent
Accountants. KPMG LLP, who has certified certain financial statements of the Company and its subsidiaries, is an independent registered
public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the
Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.
(ii) Due
Authorization. The Company has full right, power and authority to execute and deliver this Agreement, the Securities and the Indenture
(collectively, the “Transaction Documents”) and to perform its obligations hereunder and thereunder; and all action required
to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents and the consummation of
the transactions contemplated thereby has been duly and validly taken.
(jj) The
Indenture. The Indenture has been duly authorized by the Company and upon effectiveness of the Registration Statement was duly qualified
under the Trust Indenture Act, and is a valid and legally binding agreement of the Company enforceable against the Company in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability
(whether considered in a proceeding at law or equity), including, without limitation, concepts of materiality, reasonableness, good faith
and fair dealing (collectively, the “Enforceability Exceptions”).
(kk) The
Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered
as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid
and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the Indenture. The Securities will conform in all material respects to the descriptions
thereof contained in the Registration Statement, the Time of Sale Information and the Prospectus.
(ll) Descriptions
of the Transaction Documents. Each Transaction Document (other than the Securities which are addressed in Section 3(kk)) conforms
in all material respects to the description thereof contained in the Registration Statement, the Time of Sale Information and in the
Prospectus.
(mm) Cybersecurity.
(A) Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company is not aware
of any material security breach or other compromise relating to the Company’s or its subsidiaries’ information technology
and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers,
employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and its subsidiaries, and any such
data processed or stored by third parties on behalf of them), equipment or technology (collectively, “IT Systems and Data”);
(B) neither the Company nor its subsidiaries have been notified of, and are not aware of any event or condition that would reasonably
be expected to result in, any material security breach or incident, unauthorized access or disclosure or other material compromise to
their IT Systems and Data; and (C) the Company and its subsidiaries have implemented reasonable controls, policies, procedures and
technological safeguards designed to maintain and protect the integrity, availability, redundancy and security of their IT Systems and
Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards. The Company and
its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and
regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Data and to the reasonable protection of such IT Systems and Data from unauthorized use,
access, misappropriation or modification.
(nn) Senior
Indebtedness. The Securities constitute “senior indebtedness” as such term is defined in any indenture or agreement governing
any outstanding subordinated indebtedness of the Company, including that certain Indenture, dated as of November 13, 2014, between
the Company and the Trustee.
4. Further
Agreements of the Company. The Company covenants and agrees with each Underwriter that:
(a) Required
Filings. The Company will file the Preliminary Prospectus included in the Time of Sale Information and the final Prospectus with
the Commission within the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act,
will file any Issuer Free Writing Prospectus (including the term sheet in the form of Annex D hereto) to the extent required by Rule 433
under the Securities Act; and will file promptly all reports and any definitive proxy or information statements required to be filed
by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date
of the Prospectus and for so long as the delivery of a prospectus is required in connection with the offering or sale of the Securities;
and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered)
to the Underwriters in New York City prior to 10:00 a.m., New York City time, on the business day next succeeding the date of this Agreement
in such quantities as the Representatives may reasonably request. The Company will pay the registration fees for this offering within
the time period required by Rule 456(b)(1)(i) under the Securities Act (without giving effect to the proviso therein) and in
any event prior to the Closing Date.
(b) Delivery
of Copies. The Company will deliver, without charge, during the Prospectus Delivery Period (as defined below), as many copies of
the Prospectus (including all amendments and supplements thereto and documents incorporated by reference therein) and each Issuer Free
Writing Prospectus as the Representatives may reasonably request. As used herein, the term “Prospectus Delivery Period” means
such period of time after the first date of the public offering of the Securities as in the opinion of counsel for the Underwriters a
prospectus relating to the Securities is required by law to be delivered (or required to be delivered but for Rule 172 under the
Securities Act) in connection with sales of the Securities by any Underwriter or dealer.
(c) Amendments
or Supplements; Issuer Free Writing Prospectuses. Before making, preparing, using, authorizing, approving, referring to or filing
any Issuer Free Writing Prospectus, and, during the Prospectus Delivery Period, before filing any amendment or supplement to the Registration
Statement or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed
Issuer Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve, refer to or file
any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably object,
unless in the case of a filing, the Company is required by law to make such a filing, in which case the Company will use its reasonable
efforts to include in such filing any comments from the Representatives or counsel for the Underwriters.
(d) Notice
to the Representatives. From the date hereof and until the end of the Prospectus Delivery Period, the Company will advise the Representatives
promptly, and confirm such advice in writing, (i) when any amendment to the Registration Statement has been filed or becomes effective;
(ii) when any supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free Writing Prospectus has been filed;
(iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus
or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for
any additional information; (iv) of the issuance by the Commission of any order suspending the effectiveness of the Registration
Statement or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or the initiation or threatening of any
proceeding for that purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence of any event within the
Prospectus Delivery Period as a result of which the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus as
then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Time
of Sale Information or any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; (vi) of the receipt
by the Company of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment
thereto pursuant to Rule 401(g)(2) under the Securities Act; and (vii) of the receipt by the Company of any notice with
respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending
the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the Prospectus or
suspending any such qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal
thereof.
(e) Time
of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result
of which the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances, not misleading or (ii) it
is necessary to amend or supplement the Time of Sale Information to comply with law, the Company will immediately notify the Underwriters
thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish
to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Time of Sale Information
as may be necessary so that the statements in the Time of Sale Information as so amended or supplemented will not, in the light of the
circumstances, be misleading or so that the Time of Sale Information will comply with law.
(f) Ongoing
Compliance. If during the Prospectus Delivery Period (i) any event shall occur or condition shall exist as a result of which
the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the
Prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with
law, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file
with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements
to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of
the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with
law.
(g) Blue
Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution
of the Securities; provided that the Company shall not be required to (i) qualify as a foreign corporation or other entity
or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general
consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.
(h) Earning
Statement. The Company will make generally available to its security holders and the Representatives as soon as practicable an earning
statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated
thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the “effective
date” (as defined in Rule 158) of the Registration Statement.
(i) Clear
Market. During the period from the date hereof through and including the business day following the Closing Date, the Company will
not, without the prior written consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt securities
issued or guaranteed by the Company and having a tenor of more than one year.
(j) Use
of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in the Registration Statement,
the Time of Sale Information and the Prospectus under the heading “Use of Proceeds”.
(k) No
Stabilization. The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected to
cause or result in any stabilization or manipulation of the price of the Securities.
(l) Record
Retention. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing
Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.
5. Certain
Agreements of the Underwriters. Each Underwriter hereby represents and agrees that
(a) It
has not and will not use, authorize use of, refer to, or participate in the planning for use of, any “free writing prospectus”,
as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission
by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than
(i) a free writing prospectus that, solely as a result of use by such underwriter, would not trigger an obligation to file such
free writing prospectus with the Commission pursuant to Rule 433 under the Securities Act, (ii) any Issuer Free Writing Prospectus
listed on Annex C or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show),
or (iii) any free writing prospectus prepared by such underwriter and approved by the Company in advance in writing. Notwithstanding
the foregoing, the Underwriters may use a term sheet substantially in the form of Annex D hereto without the consent of the Company.
(b) It
is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly
notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).
6. Conditions
of Underwriters’ Obligations. The obligation of each Underwriter to purchase Securities on the Closing Date as provided herein
is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:
(a) Registration
Compliance; No Stop Order. No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding
for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before
or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission
under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities
Act) and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been
complied with to the reasonable satisfaction of the Representatives.
(b) Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date; and the statements of the Company and its officers made in any certificates delivered pursuant to this
Agreement shall be true and correct on and as of the Closing Date.
(c) No
Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no
downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock of or guaranteed
by the Company or any of its subsidiaries by any “nationally recognized statistical rating organization” as such term is
defined by the Commission for purposes of Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have
publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities
or of any other debt securities or preferred stock of or guaranteed by the Company or any of its subsidiaries (other than an announcement
with positive implications of a possible upgrading).
(d) No
Material Adverse Change. No event or condition of a type described in Section 3(bb) hereof shall have occurred or shall exist,
which event or condition is not described in the Time of Sale Information (excluding any amendment or supplement thereto) and the Prospectus
(excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement,
the Time of Sale Information and the Prospectus.
(e) Officers’
Certificate. The Representatives shall have received on and as of the Closing Date a certificate of the chief executive officer and
the principal financial or accounting officer of the Company who has specific knowledge of the Company’s financial matters and
is satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the Registration Statement, the Time
of Sale Information and the Prospectus and, to the best knowledge of such officer, the representations set forth in Sections 3(b) and
3(d) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company in this Agreement
are true and correct and that the Company has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.
(f) Comfort
Letters. On the date of this Agreement and on the Closing Date, KPMG LLP shall have furnished to the Representatives, at the request
of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’ “comfort
letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by
reference in the Registration Statement, the Time of Sale Information and the Prospectus; provided that the letter delivered on
the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date.
(g) Opinion
and 10b-5 Statement of In-house Counsel for the Company. Randall J. Erickson, the Company’s Executive Vice President, General
Counsel and Corporate Secretary, shall have furnished to the Representatives his written opinion and 10b-5 Statement, dated the Closing
Date, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect set forth
in Annex A hereto.
(h) Opinion
and 10b-5 Statement of Counsel for the Company. Godfrey & Kahn, S.C., counsel for the Company, shall have furnished to the
Representatives, at the request of the Company, their written opinion and 10b-5 Statement dated the Closing Date, and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect set forth in Annex B hereto.
(i) Opinion
and 10b-5 Statement of Counsel for the Underwriters. The Representatives shall have received on and as of the Closing Date, an opinion
and 10b-5 Statement of Sullivan & Cromwell LLP, counsel for the Underwriters, with respect to such matters as the Representatives
may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable
them to pass upon such matters.
(j) No
Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the
issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would,
as of the Closing Date, prevent the issuance or sale of the Securities.
(k) Existence
and Organizational Status. The Representatives shall have received on and as of the Closing Date satisfactory evidence of the existence
and organizational status, as applicable, of the Company and the Bank in their respective jurisdictions of organization or with their
respective banking regulators, as applicable, in each case in writing or any standard form of telecommunication from the appropriate
governmental authorities of such jurisdictions or regulators.
(l) Additional
Documents. On or prior to the Closing Date, the Company shall have furnished to the Representatives such further certificates and
documents as the Representatives may reasonably request.
All opinions, letters, certificates and evidence
mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.
7. Indemnification
and Contribution.
(a) Indemnification
of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors, partners and
officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees
and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement
or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free
Writing Prospectus, any Time of Sale Information or any other materials that are deemed to be offering materials with respect to the
Securities, or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims,
damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use therein.
(b) Indemnification
of the Company. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above,
but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished
to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus
(or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, it being understood and
agreed that the only such information consists of the following: paragraphs 6, 7, 8, 9 and 10 under the caption “Underwriting”
in the Preliminary Prospectus included in the Time of Sale Information and paragraphs 6, 7, 8, 9 and 10 under the caption “Underwriting”
in the Prospectus, in each case to the extent concerning stabilizing transactions.
(c) Notice
and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above,
such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the
“Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it
from any liability that it may have under this Section 7 except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 7. If
any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof,
the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of
the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification
pursuant to Section 7 that the Indemnifying Party may designate in such proceeding and shall pay the fees and expenses of such proceeding
and shall pay the fees and expenses of counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those
available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include
both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm
(in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred.
Any such separate firm for any Underwriter, its affiliates, directors, partners and officers and any control persons of such Underwriter
shall be designated in writing by the Representatives and any such separate firm for the Company, its directors, its officers who signed
the Registration Statement and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person
shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by
this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the
Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement.
No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder
by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and
substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding
and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person.
(d) Contribution.
If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in
lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as
a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Company on the one hand and the Underwriters on the other from the offering of the Securities or (ii) if the allocation
provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Underwriters on the other
in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed
to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the
Securities and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as
set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Securities. The relative fault of
the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.
(e) Limitation
on Liability. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid
or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person
in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Underwriter
be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such
Underwriter with respect to the offering of the Securities exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to this Section 7
are several in proportion to their respective purchase obligations hereunder and not joint.
(f) Non-Exclusive
Remedies. The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any Indemnified Person at law or in equity.
8. Effectiveness
of Agreement. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.
9. Termination.
This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution
and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited
on the NASDAQ Global Select Market, New York Stock Exchange or in the over-the-counter market; (ii) trading of any securities issued
or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium
on commercial banking activities shall have been declared by federal, New York or Wisconsin authorities; or (iv) there shall have
occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside
the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to
proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time
of Sale Information and the Prospectus.
10. Payment
of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated,
the Company will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without
limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes
payable in that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration
Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the Prospectus (including
all exhibits, amendments and supplements thereto) and the distribution thereof; (iii) the costs of reproducing and distributing
each of the Transaction Documents; (iv) the fees and expenses of the Company’s counsel and independent accountants; (v) the
fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the
Securities under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of
a Blue Sky Memorandum (including the related fees and expenses of counsel for the Underwriters); (vi) any fees charged by rating
agencies for rating the Securities; (vii) the fees and expenses of the Trustee (including related fees and expenses of any counsel
to such parties); (viii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering
by, the Financial Industry Regulatory Authority (including the fees and expenses of counsel for the Underwriters relating directly to
such review or clearance); and (ix) all expenses incurred by the Company in connection with any “road show” presentation
to potential investors. It is understood and acknowledged, however, that, except as provided above and in Section (b), the Underwriters
will pay all of their own costs and expenses, including fees of their counsel and transfer taxes on resale of any of the Securities.
(b) If
(i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Securities
for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Securities for any reason permitted under this
Agreement, the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses
of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.
11. Defaulting
Underwriter. (a) If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Securities that it has
agreed to purchase hereunder, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by
other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any
Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Securities, then the Company shall be entitled to
a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Securities
on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting
Underwriters or the Company may postpone the Closing Date for up to five full business days in order to effect any changes that in the
opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement, the Time of Sale Information
and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to
the Registration Statement, the Time of Sale Information and the Prospectus that effects any such changes. As used in this Agreement,
the term “Underwriter” includes, for all purposes of this Agreement unless the context otherwise requires, any person not
listed in Schedule 1 hereto that, pursuant to this Section 11, purchases Securities that a defaulting Underwriter agreed but failed
to purchase.
(b) If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company shall have the right
to require each non-defaulting Underwriter to purchase the principal amount of Securities that such Underwriter agreed to purchase hereunder
plus such Underwriter’s pro rata share (based on the principal amount of Securities that such Underwriter agreed to purchase hereunder)
of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made.
(c) If,
after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains
unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company shall not exercise the right
described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters.
Any termination of this Agreement pursuant to this Section 11 shall be without liability on the part of the Company, except that
the Company will continue to be liable for the payment of expenses as set forth in Section 10(a) hereof and except that the
provisions of Section 7 hereof shall not terminate and shall remain in effect.
(d) Nothing
contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default.
12. Recognition
of the U.S. Special Resolution Regimes
(a) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.
For the purposes of this Section 12:
“BHC Act Affiliate” has the meaning assigned
to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:
| (i) | a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b); |
| (ii) | a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or |
| (iii) | a “covered FSI” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 382.2(b). |
“Default Right” has the meaning assigned to
that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each
of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
13. Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred
to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Underwriter
shall be deemed to be a successor merely by reason of such purchase.
14. Survival.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Underwriters contained
in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered
pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of
any termination of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.
15. Certain
Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other
than a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the
meaning set forth in Rule 405 under the Securities Act; and (d) the term “significant subsidiary” has the meaning
set forth in Rule 1-02 of Regulation S-X under the Exchange Act.
16. Miscellaneous.
(a) Authority
of the Representatives. Any action by the Underwriters hereunder may be taken by BofA Securities, Inc., Citigroup Global Markets
Inc., and RBC Capital Markets, LLC on behalf of the Underwriters, and any such action taken by BofA Securities, Inc., Citigroup
Global Markets Inc., and RBC Capital Markets, LLC shall be binding upon the Underwriters.
(b) Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o BofA Securities, Inc.,
114 West 47th Street, NY8-114-07-01, New York, New York 10036 (fax: 212-901-7881), Attention: Capital Markets Transaction Management/Legal;
c/o Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel (fax: 646-291-1469); c/o
RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, Telephone: (212) 618-7706,
Email: TMGUS@rbccm.com, Attention: DCM Transaction Management/Scott Primrose. Notices to the Company shall be given to it at: Associated
Banc-Corp, 433 Main Street, Green Bay, Wisconsin 54301, Attention: General Counsel, with a copy to Godfrey & Kahn, S.C., 833
E. Michigan Street, Suite 1800, Milwaukee, Wisconsin 53202, Attention: C.J. Wauters.
(c) USA
Patriot Act. Pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Patriot Act”), the Underwriters may be required to obtain, verify and record information that identifies the Company,
which information includes the name and address of the Company and other information that will allow the Underwriters to identify the
Company in accordance with the Patriot Act.
(d) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
(e) Counterparts
and Delivery. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. Delivery of this Agreement by one party to the other may be made
by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y.
State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties
hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.
(f) Amendments
or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by the parties hereto.
(g) Headings.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Agreement.
If the foregoing is in accordance with your understanding,
please indicate your acceptance of this Agreement by signing in the space provided below.
|
Very truly yours, |
|
|
|
ASSOCIATED BANC-CORP |
|
|
|
|
|
By: |
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/s/ Andrew Arnold |
|
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|
|
|
Name: |
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Andrew Arnold |
|
Title: |
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Executive Vice President and Corporate Treasurer |
[Signature Page to Underwriting Agreement]
Accepted as of the date hereof:
BOFA SECURITIES, INC.
By: |
|
/s/
Anthony Aceto |
|
|
|
|
|
Name: |
|
Anthony
Aceto |
|
Title: |
|
Managing
Director |
|
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|
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CITIGROUP GLOBAL MARKETS INC.
By: |
|
/s/
Adam D. Bordner |
|
|
|
|
|
Name: |
|
Adam
D. Bordner |
|
Title: |
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Managing
Director |
|
|
|
|
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RBC CAPITAL MARKETS, LLC
By: |
|
/s/
Scott G. Primrose |
|
|
|
|
|
Name: |
|
Scott
G. Primrose |
|
Title: |
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Authorized
Signatory |
|
For themselves and on behalf of the
several Underwriters listed
in Schedule 1 hereto.
[Signature Page to Underwriting Agreement]
Schedule 1
Underwriter | |
Principal Amount of Securities | |
RBC Capital Markets, LLC | |
$ | 93,000,000 | |
BofA Securities, Inc. | |
$ | 90,000,000 | |
Citigroup Global Markets Inc. | |
$ | 90,000,000 | |
Drexel Hamilton, LLC | |
$ | 9,000,000 | |
Loop Capital Markets LLC | |
$ | 9,000,000 | |
Samuel A. Ramirez & Company, Inc. | |
$ | 9,000,000 | |
Total | |
$ | 300,000,000 | |
Annex A
Forms of Opinion and 10b-5 Statement of In-House
Counsel
Annex B
Forms of Opinion and 10b-5 Statement of Counsel
for the Company
Annex C
Issuer Free Writing Prospectuses
(i)
Time of Sale Information
Issuer Free Writing Prospectus filed with the Commission on August 26,
2024.
(ii) None.
Annex D
Associated Banc-Corp
PRICING TERM SHEET
Exhibit 4.1
UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE THEREOF. TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE.
THESE SECURITIES ARE NOT SAVINGS
OR DEPOSIT ACCOUNTS OR OTHER OBLIGATIONS OF ANY BANK OR NONBANK SUBSIDIARY OF ASSOCIATED BANC-CORP AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.
ASSOCIATED BANC-CORP
$300,000,000 6.455% Fixed Rate / Floating Rate
Senior Note Due 2030
No. 001 | | CUSIP
No. 045487AD7 |
ASSOCIATED BANC-CORP, a Wisconsin
corporation (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to
CEDE & CO.
or registered assigns, the principal sum of Three
Hundred Million DOLLARS ($300,000,000) on August 29, 2030 (the “Stated Maturity”).
Interest on this Security will accrue from, and
including, August 29, 2024 (the “Issue Date”) to, but excluding, the first Interest Payment Date and then from, and including,
the immediately preceding Interest Payment Date to which interest has been paid or duly provided for to, but excluding, the next Interest
Payment Date (or if this Security is redeemed during the period, the Redemption Date) (individually referred to as an “Interest
Payment Date” and collectively as the “Interest Payment Dates”) (or the Stated Maturity, as the case may be). Each of
these periods is referred to as an “Interest Period.”
During the period from, and including, August 29,
2024, to, but excluding, August 29, 2029 (the “Fixed Rate Period”), this Security will bear interest at the rate of 6.455%
per annum. Such interest will be payable semi-annually in arrears on February 28 and August 29 of each year, beginning on February 28,
2025 and ending on August 29, 2029 (each such date, a “Fixed Interest Payment Date”). During the period from, and including,
August 29, 2029, to, but excluding, the Stated Maturity (the “Floating Rate Period”), this Security will bear interest
at a floating rate per annum equal to Compounded SOFR plus 3.030%, as determined by the Calculation Agent in the manner described below.
Such interest will be payable quarterly in arrears on November 29, 2029, February 28, 2030, May 29, 2030 and at the Stated
Maturity (each such date, a “Floating Interest Payment Date”). Compounded SOFR for each Interest Period in the Floating Rate
Period will be calculated by the Calculation Agent in accordance with the formula set forth below with respect to the Observation Period
relating to such Interest Period.
Interest will be paid to the person in whose name
such Security is registered at the close of business on the 15th calendar day (whether or not a Business Day) preceding the related Interest
Payment Date; provided that if this Security is a global Security held by DTC, the record date for this Security will be the close of
business on the Business Day preceding the applicable Interest Payment Date, and provided further that interest payable on the maturity
of the principal of this Security or (subject to the exceptions described below on the reverse of this Security) any Redemption Date will
be paid to the person to whom principal is paid. A “Business Day” means any day that is not a Saturday or Sunday, and that
is not a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.
For the Fixed Rate Period, interest will be computed
on the basis of a 360-day year consisting of twelve 30 day months. If any Fixed Interest Payment Date, any Redemption Date for this Security
or the Stated Maturity falls on a day which is not a Business Day, the related payment of principal or interest will be made on the next
day that is a Business Day with the same force and effect as if made on the date such payment was due, and no interest will accrue on
the amount payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.
For the Floating Rate Period, interest will be
computed on the basis of the actual number of days in each Interest Period (or any other relevant period) and a 360-day year. The amount
of accrued interest payable on this Security for each Interest Period during the Floating Rate Period will be computed by multiplying
(i) the outstanding principal amount of this Security by (ii) the product of (a) the interest rate for the relevant Interest
Period multiplied by (b) the quotient of the actual number of days in the applicable Interest Period divided by 360. The interest
rate on this Security will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United
States law of general application and will in no event be lower than zero. For the Floating Rate Period, if any Floating Interest Payment
Date of this Security (other than the Stated Maturity or any Redemption Date) falls on a day which is not a Business Day, that Floating
Interest Payment Date will be postponed and the related payment of interest on this Security will be made on the next day which is a Business
Day, except that if the next succeeding Business Day falls in the next calendar month, then such Floating Interest Payment Date will be
advanced to the immediately preceding day that is a Business Day, and in each case, the related Interest Periods will also be adjusted
for such non-Business Days.
The Calculation Agent will determine Compounded
SOFR, the interest rate and accrued interest for each Interest Period in the Floating Rate Period in arrears as soon as reasonably practicable
on or after the Interest Payment Determination Date (as defined below) for such Interest Period and prior to the relevant Floating Interest
Payment Date and will notify the Company (if the Company is not the Calculation Agent) of Compounded SOFR, such interest rate and accrued
interest for each Interest Period in the Floating Rate Period as soon as reasonably practicable after such determination, but in any event
by the Business Day immediately prior to the relevant Floating Interest Payment Date. At the request of a Holder of this Security, the
Company will provide Compounded SOFR, the interest rate and the amount of interest accrued with respect to any Interest Period in the
Floating Rate Period, after Compounded SOFR, such interest rate and accrued interest have been determined. The Calculation Agent’s
determination of any interest rate, and its calculation of interest payments for any Interest Period in the Floating Rate Period, will
be final and binding absent manifest error, will be maintained on file at the Calculation Agent’s designated office and will be
provided in writing to the Trustee.
Compounded SOFR
With respect to any Interest Period during the
Floating Rate Period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula
(and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point):
where:
“SOFR IndexStart” = For periods
other than the initial Interest Period during the Floating Rate Period, the SOFR Index value on the preceding Interest Payment Determination
Date, and, for the initial Interest Period during the Floating Rate Period, the SOFR Index value on the date that is two U.S. Government
Securities Business Days before the first day of such initial Interest Period (such first day expected to be August 29, 2029);
“SOFR IndexEnd” = The SOFR
Index value on the Interest Payment Determination Date relating to the applicable Floating Interest Payment Date (or in the final Interest
Period, relating to the Stated Maturity, or, in the case of the redemption of this Security, relating to the applicable Redemption Date);
and
“d” is the number of days in
the relevant Observation Period.
For purposes of determining Compounded SOFR,
“Interest Payment Determination Date”
means the date two U.S. Government Securities Business Days before each Floating Interest Payment Date (or, in the case of the redemption
of this Security, preceding the applicable Redemption Date).
“Observation Period” means,
in respect of each Interest Period during the Floating Rate Period, the period from, and including, the date two U.S. Government Securities
Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days
preceding the Floating Interest Payment Date for such Interest Period (or in the final Interest Period during the Floating Rate Period,
preceding the Stated Maturity or, in the case of the redemption of this Security, preceding the applicable Redemption Date).
“SOFR Index” means, with respect
to any U.S. Government Securities Business Day:
| (i) | the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s
Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”);
or |
| (ii) | if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination
Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR,
Compounded SOFR shall be the rate determined pursuant to the “SOFR Index unavailable provisions” described below; or (ii) if
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR shall be the
rate determined pursuant to the “— Effect of Benchmark Transition Event” provisions described below. |
“SOFR” means the daily secured
overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s Website.
“SOFR Administrator” means
the FRBNY (or a successor administrator of SOFR).
“SOFR Administrator’s Website”
means the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind, or any successor source. The
information contained on such website is not part of this prospectus supplement and is not incorporated in this prospectus supplement
by reference.
“U.S. Government Securities Business
Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association
or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of
trading in U.S. government securities.
Notwithstanding anything to the contrary in the
Indenture or this Security, if the Company or its designee determines on or prior to the relevant Reference Time (as defined below) that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining SOFR, then the benchmark
replacement provisions set forth below under “— Effect of Benchmark Transition Event” will thereafter apply to all determinations
of the rate of interest payable on the Securities.
For the avoidance of doubt, in accordance with
the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the
interest rate for each Interest Period during the Floating Rate Period will be an annual rate equal to the sum of the Benchmark Replacement
plus 3.030%.
SOFR Index Unavailable
Provisions
If a SOFR IndexStart or SOFR IndexEnd is not published
on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have
not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable Interest Period in the Floating Rate Period
for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the
formula for SOFR Averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates,
or any successor source. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions
to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or
180-calendar days” shall be removed. If SOFR does not so appear for any day “i” in the Observation Period (“SOFRi”),
SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for
which SOFR was published on the SOFR Administrator’s Website.
Effect of Benchmark Transition
Event
(1) Benchmark Replacement.
If the Company or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on
or prior to the Reference Time in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to the Securities in respect of such determination on such date and
all determinations on all subsequent dates.
(2) Benchmark Replacement
Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Company or its designee will have the right
to make Benchmark Replacement Conforming Changes from time to time.
(3) Decisions and
Determinations. Any determination, decision or election that may be made by the Company or its designee pursuant to the benchmark
replacement provisions described herein, including any determination with respect to tenor, rate or adjustment, or the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:
| ● | will be conclusive and binding on the beneficial owners and Holders of the Securities and the Trustee
absent manifest error; |
| ● | if made by the Company, will be made in the Company’s sole discretion; |
| ● | if made by the Company’s designee (which may be the Company’s affiliate), will be made after
consultation with the Company, and such designee (which may be the Company’s affiliate) will not make any such determination, decision
or election to which the Company reasonably objects; and |
| ● | notwithstanding anything to the contrary in the Indenture or this Security, shall become effective without
consent from the Holders of the Securities, the Trustee or any other party. |
Any determination, decision or election pursuant
to the benchmark replacement provisions shall be made by the Company or its designee (which may be the Company’s affiliate) on the
basis as described above, and in no event shall the Calculation Agent be responsible for making any such determination, decision or election.
None of the Trustee, Paying Agent, or the Calculation
Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index,
or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition
Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor
or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, (iii) to
select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to
determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing,
including, but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest determination dates
or any other relevant methodology applicable to such substitute or successor benchmark. In connection with the foregoing, each of the
Trustee, Paying Agent, and Calculation Agent shall be entitled to conclusively rely on any determinations made by the Company or its designee
without independent investigation, and none of the Trustee, Paying Agent, and Calculation Agent will have any liability for actions taken
at the Company’s direction in connection therewith.
None of the Trustee, Paying Agent, or the Calculation
Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this prospectus supplement
as a result of the unavailability of SOFR, or other applicable Benchmark Replacement, including as a result of any failure, inability,
delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required
or contemplated by the terms of this prospectus supplement and reasonably required for the performance of such duties. None of the Trustee,
Paying Agent, or Calculation Agent shall be responsible or liable for the Company’s actions or omissions or for those of any of
the Company’s designees, or for any failure or delay in the performance by Company or any of its designees, nor shall any of the
Trustee, Paying Agent, or Calculation Agent be under any obligation to oversee or monitor the Company’s performance or the performance
of any of the Company’s designees. The Trustee may conclusively rely, without investigation, on the Calculation Agent’s determination
of the interest rate during the Floating Rate Periods.
Certain Defined Terms
As used herein:
“Benchmark” means, initially,
Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement.
“Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement
Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement
Date and the Company or its designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below
is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate
notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with
clause (3) below:
(1) the sum of: (a) an
alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current
Benchmark and (b) the Benchmark Replacement Adjustment;
(2) the sum of: (a) the
ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or
(3) the sum of: (a) the
alternate rate of interest that has been selected by the Company or its designee as the replacement for the then-current Benchmark giving
due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated
floating rate notes at such time and (b) the Benchmark Replacement Adjustment.
“Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement
Date:
(1) the spread adjustment
(which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected
or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
(2) if the applicable
Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or
(3) the spread adjustment
(which may be a positive or negative value or zero) that has been selected by the Company or its designee giving due consideration to
any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current
Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.
“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions
or interpretations of Interest Period, the timing and frequency of determining rates and making payments of interest, the rounding of
amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption
of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or its designee decides that
adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no
market practice for use of the Benchmark Replacement exists, in such other manner as the Company or its designee determines is reasonably
practicable).
“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component
used in the calculation thereof):
(1) in the case of clause
(1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely
ceases to provide the Benchmark (or such component); or
(2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information
referenced therein.
For the avoidance of doubt, if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.
“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published
component used in the calculation thereof):
(1) a public statement
or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator
has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);
(2) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank
for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark
(or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court
or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states
that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark (or such component); or
(3) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no
longer representative. “Calculation Agent” means the firm appointed by the Company prior to the commencement of the
Floating Rate Period. The Company or an affiliate of the Company may assume the duties of the Calculation Agent.
“ISDA Definitions” means the
2021 ISDA Definitions published by ISDA, or any successor thereto, as amended or supplemented from time to time, or any successor definitional
booklet for interest rate derivatives published from time to time.
“ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.
“ISDA Fallback Rate” means
the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
“Reference Time” with respect
to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time, as such time
is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance
with the Benchmark.
“Relevant Governmental Body”
means the FRB and/or the FRBNY, or a committee officially endorsed or convened by the FRB and/or the FRBNY or any successor thereto.
“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.
Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company
has caused this Security to be duly executed.
| ASSOCIATED BANC-CORP |
| | |
| By: | |
| Name: | Derek S. Meyer |
| Title: | Executive Vice President and Chief Financial Officer |
| ATTEST: |
| | |
| By: | |
| Name: | Randall J. Erickson |
| Title: | Executive Vice President, General
Counsel and Corporate Secretary |
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.
| THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. |
|
| | As Trustee |
|
| | |
|
| By: | |
|
| | Authorized Officer |
|
| | |
|
| Date: August 29, 2024 |
|
[REVERSE OF SECURITY]
This Security is one of a
duly authorized issue of notes of the series designated above of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an indenture dated as of March 14, 2011 for senior debt securities, between ASSOCIATED BANC-CORP
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the “Trustee”), as supplemented by the Pricing Committee
Resolutions adopted on August 26, 2024 and the Certificate of Authorized Officers dated August 26, 2024, signed by Derek S.
Meyer, Executive Vice President and Chief Financial Officer, and Andrew Arnold, Executive Vice President and Corporate Treasurer, of the
Company (as so supplemented, the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the
series designated on the face hereof, limited in aggregate principal amount equal to $300,000,000 as of the date of this Security. In
addition, the Company may from time to time without notice to or consent of the existing Holders of Securities, issue additional securities
under the Indenture having the same terms and as the Securities in all respects, except for the issue price, the Issue Date, and, in some
cases, the initial interest accrual date and the initial interest payment date. Any such additional securities, together with this Security,
will constitute a single series under the Indenture; provided, however, that no additional securities may be issued unless they will be
fungible with this Security for United States federal income tax and securities law purposes and have the same CUSIP number as this Security.
References herein to the Securities include (unless the contest requires otherwise) any other securities issued as described in this paragraph
and forming a single series with the Securities.
Where the Indenture or this
Security provides for notice to the Holder of this Security of any event, such notice shall be sufficiently given if in writing and mailed,
first class, postage prepaid, to the Holder of this Security at his, her or its address as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice; provided, however, that if this
Security is a Global Security for which the Depositary is The Depository Trust Company, any notice may be provided pursuant to the applicable
policies and procedures of such Depositary. In case by reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice to the Holder of this Security by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case where notice to the Holder
of this Security is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to the Holder of this
Security shall affect the sufficiency of such notice with respect to other Holders of the Securities.
Prior to August 29,
2029 (one year prior to the Stated Maturity, the “Par Call Date”), the Company may redeem the Securities at the Company’s
option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and
rounded to three decimal places), equal to the greater of:
| ● | the sum of the present values of the remaining scheduled payments of principal and interest on the Securities
to be redeemed, discounted to the Redemption Date (assuming the Securities matured on the Par Call Date) on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate (as defined below) plus 45 basis points less (b) interest
accrued to the date of redemption, and |
| ● | 100% of the principal amount of the Securities to be redeemed, |
plus, in either case, accrued
and unpaid interest thereon, if any, to, but excluding, the Redemption Date.
Additionally, the Company
may redeem the Securities at the Company’s option, in whole, but not in part, on the Par Call Date at a redemption price equal to
100% of the aggregate principal amount of the Securities, plus accrued and unpaid interest thereon, if any, to but excluding, the Redemption
Date. The Company may also redeem the Securities at the Company’s option, in whole or in part, at any time and from time to time
on or after July 30, 2030 (30 days prior to the Stated Maturity) at a redemption price equal to 100% of the aggregate principal amount
of the Securities being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.
“Treasury Rate”
means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities — Treasury constant maturities
— Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall
select, as applicable:
(1) the yield for the Treasury constant maturity
on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or
(2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity
on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining
Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and
rounding the result to three decimal places; or
(3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to
the Remaining Life.
For purposes of this paragraph,
the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a Stated Maturity equal to the relevant number
of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.
If on the third Business Day
preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum
equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption
Date of the United States Treasury security maturing on, or with a maturity that is closest to the Par Call Date, as applicable. If there
is no United States Treasury security maturing on the Par Call Date, but there are two or more United States Treasury securities with
a Stated Maturity equally distant from the Par Call Date, one with a Stated Maturity preceding the Par Call Date and one with a Stated
Maturity following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the
Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury
securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such
United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of
this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places.
The Company’s actions
and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.
If the Company redeems the
Securities at the Company’s option, notwithstanding the foregoing, installments of interest on the Securities that are due and payable
on any interest payment date falling on or prior to a Redemption Date for the Securities will be payable on that interest payment date
to the registered Holders thereof as of the close of business on the relevant record date according to the terms of the Securities and
the Indenture.
Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10 days
but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed.
In the case of a partial redemption,
selection of the Securities for redemption will be made by the Trustee by lot. No Securities of a principal amount of $2,000 or less will
be redeemed in part. If any Security is to be redeemed in part only, the notice of redemption that relates to the Security will state
the portion of the principal amount of the Security to be redeemed. A new Security in a principal amount equal to the unredeemed portion
of the Security will be issued in the name of the Holder of the Security upon surrender for cancellation of the original Security. For
so long as the Securities are held by DTC (or another depositary), the redemption of the Securities shall be done in accordance with the
policies and procedures of the depositary.
Unless the Company defaults
in payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Securities or portions thereof
called for redemption. This Security is not mandatorily redeemable, in whole or in part, prior to the Stated Maturity. This Security is
not subject to any sinking fund.
This Security shall have the
benefit of the covenants and agreements set forth in the Indenture.
If an Event of Default with
respect to the Securities shall occur and be continuing, the principal of all the Securities may be declared due and payable in the manner
and with the effect provided in the Indenture.
The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the
rights of the Company and the rights of the Holders of the Securities of each series under the Indenture to be affected at any time by
the Company with the consent of the Holders of a majority in principal amount of the Outstanding Securities, and with respect to certain
limited matters, the Company and the Trustee may enter into one or more indentures supplemental to the Indenture without the consent of
any Holder. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Outstanding Securities
of each series, on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange for this Security or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject
to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding, judicial or otherwise,
with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder
has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities, the Holders of not
less than 25% in principal amount of the Outstanding Securities shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee hereunder, such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request, the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such proceeding, and no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal
amount of the Outstanding Securities. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal of, premium, if any, and interest on this Security on or after the respective due dates expressed herein.
No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company which is absolute
and unconditional to pay the principal of, premium, if any, and interest on this Security at the times, places and rate, and in the coin
or currency herein and in the Indenture prescribed.
As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register of the Company,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of Payment, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by
the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations and
for the same aggregate principal amount will be issued to the designated transferee or transferees.
The Securities are issuable
only in fully registered form without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal
amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same.
The Securities are issuable
in the form of one or more Global Securities and shall be exchangeable for definitive Securities only in the circumstances specified in
the Indenture. The Depositary for the Securities shall be The Depository Trust Company.
No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.
Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the
Company, the Trustee or any such agent shall be affected by notice to the contrary.
This Security shall be construed
in accordance with and governed by the laws of the State of New York.
The Trustee shall have the
right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to the Indenture
and delivered using Electronic Means (as defined below); provided, however, that the Company shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions (“Authorized Officers for Instructions”) and
containing specimen signatures of such Authorized Officers for Instructions, which incumbency certificate shall be amended by the Company
whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic
Means (as defined below) and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of
such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the
actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an
Authorized Officer for Instructions listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer
for Instructions. The Company shall be responsible for ensuring that only Authorized Officers for Instructions transmit such Instructions
to the Trustee and that the Company and all Authorized Officers for Instructions are solely responsible to safeguard the use and confidentiality
of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such
Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to
assume all risks arising out of the use of Electronic Means (as defined below) to submit Instructions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and
that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the
security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.
“Electronic Means”
shall mean the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords
and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection
with its services hereunder.
All terms not defined herein
shall have the respective meanings ascribed to them in the Indenture.
[FORM OF ASSIGNMENT]
For value received _________________________________
hereby sell(s), assign(s) and transfer(s) unto __________________________________ (please insert address and social security
or other identifying number of assignee) the within Security, and hereby irrevocably constitutes and appoints ___________________________________
attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.
Dated: _________________________
Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.
SCHEDULE OF INCREASES OR DECREASES
The aggregate principal amount
of this Global Security is U.S. $300,000,000. The following increases or decreases in this Global Security have been made:
Date of Exchange |
Amount of
increase in
Principal
Amount of this
Global Security |
Amount of
decrease in
Principal
Amount of this
Global Security |
Principal
Amount of this
Global Security
following such
increase or
decrease |
Signature of
authorized
signatory of
Trustee |
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Exhibit 5.1
August 29, 2024
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
As Representatives of the
several Underwriters listed
in Schedule 1 hereto
c/o BofA Securities, Inc.
One Bryant Park
New York, New York 10036
c/o Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
c/o RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, New York 10281
Ladies and Gentlemen:
We have acted as counsel to Associated Banc-Corp,
a Wisconsin corporation (the “Company”), in connection with the execution and delivery of the Underwriting Agreement dated
August 26, 2024 (the “Underwriting Agreement”) by and among the Company and RBC Capital Markets, LLC, BofA Securities, Inc.
and Citigroup Global Markets Inc., as representatives of the underwriters named therein (the “Underwriters”), providing for
the issuance and sale by the Company of $300,000,000 aggregate principal amount of its 6.455% Fixed Rate / Floating Rate Senior Notes
due 2030 (the “Notes”) pursuant to an indenture dated as of March 14, 2011 between the Company and The Bank of New York
Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the Pricing Committee Resolutions adopted on August 26,
2024, and the Certificate of Authorized Officers dated August 26, 2024 (collectively, the “Indenture”).
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 2
In such capacity, we have examined: (i) an
executed copy of the Underwriting Agreement; (ii) the Registration Statement on Form S-3 (File No. 333-280004) filed with
the Commission on June 6, 2024 (including any document incorporated by reference therein, and all information included in a prospectus
then deemed to be part of the Registration Statement, the “Registration Statement”), pursuant to the Securities Act of 1933,
as amended (together with the rules and regulations promulgated thereunder, the “Securities Act”), including the base
prospectus dated June 6, 2024 contained therein (the “Base Prospectus”); (iii) the preliminary prospectus supplement,
dated August 26, 2024, in the form filed with the Commission pursuant to Rule 424(b) under the Securities Act relating
to the offering of the Notes (together with the Base Prospectus, the “Preliminary Prospectus”); (iv) the final prospectus
supplement, dated August 26, 2024 in the form filed with the Commission pursuant to Rule 424(b) under the Securities Act
relating to the offering of the Notes (together with the Base Prospectus, the “Prospectus”); (v) the Issuer Free Writing
Prospectus filed with the Commission on August 26, 2024 and described on Annex C to the Underwriting Agreement (together with the
Base Prospectus and the Preliminary Prospectus, the “Time of Sale Information”); (vi) an executed copy of the Indenture;
(vii) an executed copy of the indenture dated as of November 13, 2014 between the Company and the Trustee (the “Subordinated
Indenture”); (viii) the Company’s Amended and Restated Articles of Incorporation, as amended and currently in effect
(the “Articles of Incorporation”), and Amended and Restated Bylaws, as currently in effect (the “Bylaws”); (ix) executed
copies of the global note evidencing the Notes (collectively with the Underwriting Agreement and the Indenture, the “Transaction
Documents”); (x) records of proceedings and actions of the Company’s Board of Directors and the Pricing Committee of
the Board of Directors relating to the transactions described in the Underwriting Agreement and the Indenture; (xi) the Certificate
of Status, dated July 25, 2024, provided by the Department of Financial Institutions of the State of Wisconsin (the “Certificate
of Status”); and (xii) originals or copies of such corporate and other records, certificates and documents as we deemed necessary
or advisable for purposes of this opinion. In such examination, we have assumed the legal capacity of all natural persons, the genuineness
of all signatures, the authenticity of original and certified documents and the conformity to original or certified documents of all copies
submitted to us as conformed or reproduction copies. Capitalized terms not defined herein shall have the meanings set forth in the Underwriting
Agreement.
Based on the foregoing and subject to the provisions
set forth below, we are of the opinion that:
1. The
Company is validly existing as a corporation in active status under the laws of the State of Wisconsin and has the corporate power and
authority to own its property and to conduct its business as described in the Time of Sale Information and the Prospectus.
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 3
2. The
Company has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties, or conducts any business so as to require such qualification, except where failure
to do so would not have a Material Adverse Effect.
3. The
Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956.
4. Associated
Bank, National Association (the “Bank”) is validly existing as a nationally chartered commercial bank under the laws of the
United States and has the power and authority (corporate and other) to own its properties and conduct its business as described in the
Time of Sale Information and the Prospectus.
5. No
consent, approval, authorization or order of or qualification with any federal or State of Wisconsin governmental body or agency is required
for the performance by the Company of its obligations under the Transaction Documents, except such as have been obtained or such as may
be required by securities or Blue Sky laws in connection with the offer and sale of the Notes.
6. The
Underwriting Agreement has been duly authorized, executed and delivered by the Company.
7. The
Indenture complies as to form in all material respects with the requirements of the Trust Indenture Act of 1939, as amended, and has been
duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable in accordance
with its terms.
8. The
Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture, and delivered
to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will be entitled to the benefits of the
Indenture and will be valid and binding obligations of the Company, enforceable in accordance with their terms.
9. Each
of the Transaction Documents conforms in all material respects to the description thereof contained in the Registration Statement, the
Time of Sale Information and the Prospectus.
10. The
Company is not, and after giving effect to the offering and sale of the Notes and the application of proceeds therefrom as described in
the Time of Sale Information and the Prospectus will not be, required to register as an “investment company” as defined in
the Investment Company Act of 1940, as amended.
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 4
11. To
our knowledge, there are no legal or governmental proceedings pending or threatened to which the Company or any of its subsidiaries is
a party or to which any property of the Company or any of its subsidiaries is subject that are required to be described in the Registration
Statement, the Time of Sale Information or the Prospectus under Item 103 of Regulation S-K promulgated by the Commission that are not
described as required.
12. To
our knowledge, there are no contracts or documents of a character required to be described in the Registration Statement, Time of Sale
Information or the Prospectus or to be filed as exhibits to the Registration Statement that are not described and filed as required.
13. The
execution, delivery and performance of each of the Transaction Documents relating specifically to the Indenture and the Notes, and the
issuance and sale of the Notes, will not result in a breach or violation of any of the terms and provisions of, or constitute a default
under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company or the Bank pursuant
to (i) the Articles of Incorporation or the Bylaws or the charter, the articles of association, as amended, or the by-laws of the
Bank, each as currently in effect; (ii) the Subordinated Indenture; (iii) any provision of the law, rules and regulations
of the State of Wisconsin, any applicable federal banking regulator or the federal laws of the United States that, in our experience,
are normally applicable to transactions of the type contemplated by the Transaction Documents (other than securities and Blue Sky laws,
antifraud laws, rules and regulations of the Financial Industry Regulatory Authority (FINRA) and the securities laws of foreign jurisdictions);
(iv) to our knowledge, any agreement or contract to which the Company is a party or subject, except with respect to breaches that
are not likely to have a Material Adverse Effect; or (v) to our knowledge, any material judgments, orders, or decrees by which the
Company, the Bank or their respective properties are bound, except, with respect to clause (v), breaches, violations, defaults, liens,
charges or encumbrances that are not likely to have a Material Adverse Effect.
14. The
statements in the Time of Sale Information and the Prospectus under the headings “Description of the Notes,” “Certain
ERISA Considerations,” “Underwriting” and “Description of Senior and Subordinated Debt Securities,” insofar
as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of
such legal matters, agreements, documents or proceedings and present the information required to be shown, in all material respects.
15. The
statements in the Time of Sale Information and the Prospectus under the heading “Certain United States Federal Income Tax Consequences,”
insofar as such statements constitute a summary of the United States federal tax laws referred to therein, accurately and fairly summarize
the United States federal tax laws referred to therein in all material respects.
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 5
We also hereby confirm to you that the Registration
Statement has become effective under the Securities Act, the Prospectus was filed with the Commission pursuant to and within the time
period required by subparagraph (5) of Rule 424(b) on August 28, 2024 and, to the best of our knowledge based on our
review of the Commission’s Stop Orders listed at https://www.sec.gov/litigation/stoporders.shtml, no order suspending the effectiveness
of the Registration Statement or any part thereof has been issued and, to our knowledge, no proceedings for that purpose have been instituted
or are pending or contemplated under the Securities Act. Each document filed pursuant to the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus
complied when so filed as to form in all material respects with the Exchange Act and the applicable rules and regulations of the
Commission thereunder, and each part of the Registration Statement, when such part became effective or any later date of a filing of an
Annual Report on Form 10-K, the Preliminary Prospectus as of the date it was filed pursuant to Rule 424 pursuant to the Securities
Act and as of the date hereof, and the Prospectus as of its date and as of the date hereof, appeared on their faces to be appropriately
responsive in all material respects to the requirements of the Securities Act and the rules and regulations of the Commission thereunder,
except that, in each case, we do not express any opinion as to the financial statements, schedules and other financial data included in
or excluded from such documents filed pursuant to the Exchange Act or the Registration Statement or that part of the Registration Statement
that constitutes the Trustee’s statement of eligibility on Form T-1 and we do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in such documents filed pursuant to the Exchange Act or in the Registration Statement,
the Prospectus (other than as specified in paragraphs 14 and 15 above insofar as the captions referred to therein relate to provisions
of documents and other legal matters).
Whenever we indicate above that the opinion is
with respect to matters within the “knowledge of” or “known by” us, such knowledge means our reliance on the representations
and warranties of the Company as to factual matters contained in the Underwriting Agreement and in the documents delivered on the date
hereof pursuant to the Underwriting Agreement, and the conscious awareness of facts of the attorneys currently practicing law with our
firm who had involvement in the transaction and such other attorneys presently in the firm whom we have determined are likely, in the
course of representing the Company, to have knowledge of the matters covered by the opinion.
With respect to our opinion in paragraph 1, above,
“active status” means that, as of the date of the Certificate of Status, the Company (i) has filed with the Department
of Financial Institutions of the State of Wisconsin all annual reports required to be filed by Section 180.1622 of the Wisconsin
Business Corporation Law, and (ii) has not filed articles of dissolution. Our opinion in paragraph 3, above, is based solely on our
review of the public records of the Board of Governors of the Federal Reserve System (or summaries thereof) that are available on the
Federal Financial Institutions Examination Council’s website located at https://ffiec.gov/NPW.
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 6
The foregoing opinions are limited to the laws
of the United States, the State of Wisconsin and the State of New York, and we express no opinion with respect to any other laws.
Our opinions, including, without limitation, those
opinions in paragraphs 7 and 8, above, are also subject to the following exceptions, limitations and qualifications: (i) the effect
of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws relating to or affecting creditors’
rights and remedies; (ii) the effect of general principles of equity, whether raised in an action at law or in equity (including
the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair
dealing, and the discretion of the court before which any proceeding therefor may be brought; (iii) we express no opinion concerning
the enforceability of: (a) the waiver of rights or defenses contained in Section 5.15 of the Indenture; (b) any provision
requiring the payment of attorneys’ fees, where such payment is contrary to law or public policy; (c) provisions imposing liquidated
damages, default interest, late charges, monetary penalties, make-whole premiums, or other economic remedies to the extent such provisions
are deemed to constitute a penalty; and (d) consents to, or restrictions upon, jurisdiction, venue, arbitration, remedies or judicial
relief; and (iv) we express no opinion with respect to: (a) provisions for exclusivity, election or cumulation of rights or
remedies; (b) provisions authorizing or validating conclusive or discretionary determinations; (c) compliance with laws relating
to permissible interest rates; or (d) provisions providing for indemnification, exculpation or contribution. In applying such principles,
a court, among other things, might not allow the Trustee to take action based upon the occurrence of a default deemed immaterial, and
we assume that the Trustee will at all times act in good faith, in a commercially reasonable manner and in compliance with all laws and
regulations.
With your consent, to the extent that the obligations
of the Company under the Underwriting Agreement and the Indenture may be dependent upon such matters, we have assumed for purposes of
this letter that (i) each of the parties to the Underwriting Agreement and the Indenture other than the Company (a) is duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) has the requisite organizational
and legal power and authority to execute, deliver and perform its obligations under the Underwriting Agreement and the Indenture; and
(c) has duly authorized, executed and delivered the Underwriting Agreement and the Indenture; (ii) with respect to the Underwriters
and the Trustee, the Underwriting Agreement and the Indenture, respectively, constitutes its legally valid and binding agreement, enforceable
against it in accordance with its terms; (iii) the Trustee is in compliance, generally and with respect to acting as Trustee under
the Indenture, with all applicable laws and regulations; and (iv) all natural persons signing the Transaction Documents have the
requisite legal capacity and competence.
BofA Securities, Inc.
Citigroup Global Markets Inc.
RBC Capital Markets, LLC
August 29, 2024
Page 7
These opinions are given as of the date hereof,
they are intended to apply only to those facts and circumstances that exist as of the date hereof, and we assume no obligation or responsibility
to update or supplement these opinions to reflect any facts or circumstances that may hereafter come to our attention or any changes in
laws that may hereafter occur, or to inform you of any change in circumstances occurring after the date hereof that would alter the opinions
rendered herein.
Our opinions are limited to the matters set forth
herein, and no opinion may be inferred or is implied beyond the matters expressly contained herein. This letter is being provided solely
for the purposes of complying with the requirements of paragraph (h) of Section 6 of the Underwriting Agreement and is being
rendered solely for the benefit of the addressees hereof (or, as applicable, their successor in interest by means of merger, consolidation,
transfer of business or other similar transaction), and, solely as it relates to matters of law of the State of Wisconsin, Sullivan &
Cromwell LLP. This letter may not be used or relied upon for any other purpose, relied upon by any other party, or filed with or disclosed
to any third party other than to a court in connection with the enforcement or protection of your rights or remedies under the Underwriting
Agreement or in order to allow you to comply with applicable laws, rules or regulations or as a result of a specific request made
by a governmental authority or other authority, without our prior written consent.
| | Very truly yours, |
| | |
| | /s/ Godfrey & Kahn, S.C. |
| | |
| | GODFREY & KAHN, S.C. |
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- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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- DefinitionTitle of a 12(b) registered security.
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- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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