Associated Bank CEO Wants to Pave ‘Highway to Private Wealth’

Why It Matters

The move shows how midsize regional banks can diversify revenue streams into wealth management, strengthening competitiveness against big banks and fintechs while preserving independence.

Key Takeaways

• Commercial loan portfolio rose 43% to $12.3 billion in Q1
• Assets grew from $33 billion to $50 billion after ANB acquisition
• New private banking unit led by ex‑Wells Fargo exec Lisa Buetow
• Expansion strategy relies on hiring market‑savvy relationship managers, not new branches
• CEO aims for private‑wealth revenue by 2027 as commercial growth continues

Pulse Analysis

Associated Bank’s recent performance illustrates a broader trend among regional lenders: leveraging organic growth to fund strategic diversification. Over the past five years, the bank’s commercial loan book surged 43%, reaching $12.3 billion, while total assets climbed to $50 billion following the acquisition of American National Bank. By focusing on relationship‑driven hiring in markets like Dallas, Kansas City, and Minneapolis, the bank sidesteps costly branch rollouts and taps local expertise, a model that has proven effective against larger, more centralized competitors.

The next phase of Harmening’s plan centers on private banking, a high‑margin segment that can deepen customer relationships and generate fee‑based income. Hiring Lisa Buetow, a former Wells Fargo senior vice president, signals a serious commitment to building a wealth‑management platform capable of serving affluent clients in major metros. Coupled with a modest 2.2% household‑checking growth and a $540 million increase in C&I lending, the bank expects its private‑wealth franchise to become a revenue engine by 2027, complementing its consumer and commercial pillars.

For the industry, Associated’s strategy underscores the viability of a “Goldilocks” size—large enough to offer sophisticated products yet small enough to remain agile and personal. As consolidation accelerates, the bank’s emphasis on local leadership, selective acquisitions, and a non‑branch expansion model could serve as a blueprint for other midsize institutions seeking growth without sacrificing independence. The success of this approach will likely influence how regional banks balance organic expansion, technology investment, and wealth‑management ambitions in an increasingly competitive landscape.