Who are Associated Banc-Corp's competitors, and what are the alternatives?
Associated's 2025 10-K, filed February 12, 2026, says it competes with other bank and nonbank institutions in its markets, internet-based banks, out-of-market banks, money market funds, brokerages, credit unions, nonbank lenders and financial technology companies, and 'subsidiaries of bank holding companies that have far greater assets and resources than ours'. Its home is Wisconsin, where it is the largest bank holding company headquartered in the state and ranked 2nd by deposits in June 2025 with $26.0 billion (12.95%) in 137 offices, behind U.S. Bank ($32.3 billion) and ahead of BMO ($22.8 billion), JPMorgan Chase ($12.8 billion), Nicolet, Old National and Wintrust's Town Bank. In Illinois and Minnesota it is a smaller player, 17th and 15th by deposits; Minnesota is led by U.S. Bank, Wells Fargo and Ameriprise Bank, with Old National 4th after buying Bremer. Its April 2026 purchase of American National brought it into Omaha, where FNBO holds 18.54% of Nebraska deposits. In commercial banking its rivals are the regional banks in its proxy peer group, Old National, Wintrust, Commerce and UMB among them, chosen for 'business composition (engaged in lines of business similar to Associated)'. The non-bank rivals are in everyday banking and payments: Chime sells a branchless account and Block lists banks among Square's competitors.[1][2][3][4][5][6][7][8][9][10]
Data as of Oct 20, 2026 · Associated profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does Associated say about its competition?
"The financial services industry is highly competitive. We compete for loans, deposits, and financial services in all of our principal markets. We compete directly with other bank and nonbank institutions located within our markets, internet-based banks, out-of-market banks and bank holding companies that advertise or otherwise serve our markets, money market funds and other mutual funds, brokerage houses, and various other financial institutions. Additionally, we compete with insurance companies, leasing companies, regulated small loan companies, credit unions, governmental agencies, and commercial entities offering financial services products, including nonbank lenders and financial technology companies, including those related to cryptocurrencies (including stablecoins). Competition involves, among other things, efforts to retain current customers and to obtain new loans and deposits, the scope and types of services offered, interest rates paid on deposits and charged on loans, as well as other aspects of banking. We also face direct competition from subsidiaries of bank holding companies that have far greater assets and resources than ours."[1]
From the risk factors of the same 10-K: "As customer preferences and expectations continue to evolve, technology has lowered barriers to entry and made it possible for nonbanks to offer products and services traditionally provided by banks, such as automatic transfer and automatic payment systems. Technology firms are engaging in joint ventures with banks to provide and/or expand financial service offerings with a technological sophistication and breadth of marketing that smaller institutions do not have. Many of our competitors have fewer regulatory constraints and may have lower cost structures."[1]
And on technology: "Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological improvements." (Form 10-K for 2025, filed February 12, 2026.)[1]
From the 2026 proxy statement, on the peer group used for executive pay: "The peer group consists of 21 bank holding companies that the Committee and compensation consultant believe are appropriate for comparison purposes in terms of size (based on total assets) and business composition (engaged in lines of business similar to Associated)." The Midwest members are Old National, UMB, Commerce and Wintrust.[8]
Who competes with Associated in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Home region: Wisconsin and Nebraska | U.S. Bancorp | Bank | First in Wisconsin by deposits in June 2025, with $32.3 billion (16.07%) in 91 offices against Associated's $26.0 billion (12.95%) in 137; it runs more than 2,000 branches in 26 states.[2][11] |
| Home region: Wisconsin and Nebraska | BMO | Bank | Third in Wisconsin with $22.8 billion of deposits in 150 offices (June 2025), the kind of subsidiary of a much larger holding company that Associated's 10-K says has 'far greater assets and resources'.[2][1] |
| Home region: Wisconsin and Nebraska | JPMorgan Chase | Bank | Fourth in Wisconsin with $12.8 billion of deposits in 63 offices (June 2025); Chase reported 74.6 million active digital customers nationally in 2025.[2][12] |
| Home region: Wisconsin and Nebraska | Nicolet Bankshares | Bank | Fifth in Wisconsin with $6.7 billion of deposits in 39 offices (June 2025); it added about $6 billion of assets by buying MidWestOne in 2026.[2][13] |
| Home region: Wisconsin and Nebraska | Wintrust (Town Bank) | Bank | Wintrust's Wisconsin bank, Town Bank, held $3.7 billion of deposits in 24 offices (June 2025); Wintrust is in Associated's proxy peer group and runs 16 chartered banks with 209 locations.[2][8][14] |
| Home region: Wisconsin and Nebraska | First National Bank of Omaha (FNBO) | Bank | First in Nebraska with $17.1 billion of deposits (18.54%) in 51 offices in June 2025; American National, which Associated bought for $604 million in April 2026, ranked 6th with $3.1 billion.[5][7][15] |
| Commercial and specialty banking in the Midwest | Old National Bancorp | Bank | A proxy peer that bought Minnesota's Bremer for $1.4 billion (70 branches) and now ranks 4th in Minnesota and 7th in Wisconsin by deposits; about $74 billion of assets in July 2026.[8][6][4][2][16] |
| Commercial and specialty banking in the Midwest | Wintrust Financial | Bank | A Chicago-based proxy peer with $74.7 billion of assets (June 2026); Associated has 30 Illinois offices, 17th in the state by deposits.[8][17][3] |
| Commercial and specialty banking in the Midwest | Commerce Bancshares | Bank | A Kansas City proxy peer with a commercial-card business ($9.9 billion of volume in 2025); Associated's four-state footprint includes Missouri.[8][18][1] |
| Commercial and specialty banking in the Midwest | UMB Financial | Bank | A Kansas City proxy peer that doubled its branches from 93 to 193 and widened its footprint from 8 to 13 states with the $2 billion Heartland acquisition.[8][19] |
| Retail deposits and everyday banking | Ameriprise Bank | Broker or asset manager | Third in Minnesota by deposits in June 2025 with $22.5 billion in two offices, a brokerage-affiliated bank of the kind Associated's 10-K lists among competitors ('brokerage houses' and 'money market funds').[4][1] |
| Retail deposits and everyday banking | Chime | Fintech | An internet-based bank alternative of the kind Associated's 10-K names; Chime's 10-K claims 'a significant cost advantage compared to traditional banks' and it had 10.4 million active members at June 30, 2026.[1][9][20] |
| Retail deposits and everyday banking | Ally Bank | Bank | The nation's largest all-digital bank, with 3.5 million primary deposit customers and no branch network, an out-of-market, internet-based bank of the kind Associated's 10-K names.[21][1] |
| Small business and payments | Square (Block) | Payments company | Block's 10-K lists 'banks that provide payment processing, checking, savings, loans, and payroll' among Square's competitors; Associated's 10-K says nonbanks now offer services 'traditionally provided by banks, such as automatic transfer and automatic payment systems'.[10][1] |
| Small business and payments | U.S. Bank | Bank | The largest bank in Wisconsin and Minnesota by deposits (June 2025), and a lender that surveys small businesses on AI: 75% reported using generative AI in its June 2026 study.[2][4][22] |
| Private wealth and trust | Commerce Bancshares | Bank | Commerce administers $94.5 billion of trust assets (June 2026) and completed its $585 million all-stock FineMark acquisition in January 2026; Associated's CEO said in April 2026 he wants to pave a 'highway to private wealth'.[18][23][24] |
| Private wealth and trust | First Busey | Bank | An Illinois bank with $16.51 billion of wealth assets under care at June 30, 2026, in the Midwest wealth market Associated's CEO says he wants to build into.[25][24] |
| Private wealth and trust | Ameriprise Financial | Broker or asset manager | A Minneapolis wealth manager whose bank ranked 3rd in Minnesota by deposits in June 2025; Associated's 10-K lists brokerage houses and mutual funds among its competitors.[4][1] |
How do the AI and digital offerings of Associated's competitors compare?
Associated first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| Associated Banc-Corp (this page) | Line-of-business AI under a chief data officer / CIO[26][27][28][29] | Index 56.8 (#49); 11 use cases, 4 in production | Barclays conference: 30 AI use cases in process (Sep 15, 2026)[30] |
| U.S. Bancorp | Smart Assistant: 2.5 million uses a month on its website and app[31] | Index 81.3 (#18); 18 use cases, 16 in production | Venkatachari: from proving AI to industrializing it (Oct 7, 2026)[32] |
| BMO | More than 96% employee AI adoption; Lumi policy assistant[33][34] | Index 85.8 (#10); 16 use cases, 14 in production | Evident AI Index 2026: top 20 overall, #2 for AI outcomes (Oct 6, 2026)[35] |
| JPMorgan Chase | LLM Suite for employees: 150,000 weekly users (February 2026)[36] | Index 89 (#6); 15 use cases, 8 in production | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026)[37][38][39] |
| Nicolet Bankshares | Not disclosed | Index 1.1 (#119); 5 use cases, 2 in production | MidWestOne scheduled to open as Nicolet National Bank (Aug 10, 2026)[40] |
| Wintrust (Town Bank) | Not disclosed | Index 38.1 (#76); 9 use cases, 7 in production | Equipment-finance unit writes on financing the AI boom (Sep 8, 2026)[41] |
| First National Bank of Omaha (FNBO) | Nasdaq Verafin AI agents for financial-crime investigation (investigator time −50%)[42] | Index 53.2 (#53); 12 use cases, 8 in production | Blue Ridge acquisition closes (Oct 1, 2026)[43] |
| Old National Bancorp | Vendor-delivered automation; AI-assisted code clean-up (April 2026)[44] | Index 66 (#40); 14 use cases, 10 in production | Q2 2026 10-Q has no AI language (Jul 29, 2026)[45][46][47] |
| Wintrust Financial | AI credit adjudication in Wintrust Specialty Finance: 4,000+ deals in the first half of 2026[48] | Index 38.1 (#76); 9 use cases, 7 in production | Equipment-finance unit writes on financing the AI boom (Sep 8, 2026)[41] |
| Commerce Bancshares | AI pillar in its enterprise data strategy; receivables automation for commercial clients[49] | Index 34 (#84); 10 use cases, 6 in production | Nolan & Associates acquisition completed (Oct 1, 2026)[50] |
| UMB Financial | Integration first: the Heartland systems conversion[19][51][52] | Index 47.9 (#61); 10 use cases, 9 in production | 'Playing with the big boys' (Aug 20, 2026)[53] |
| Ameriprise Bank | Not disclosed | No profile | Not disclosed |
| Chime | Jade, an in-app AI financial partner available to some members[54] | 8 use cases, 6 in production | Agreement to acquire Stride Bank (Sep 8, 2026)[55] |
| Ally Bank | Ally.ai and the Personas[56][57][58] | Index 76.5 (#27); 13 use cases, 9 in production | CRO: AI should be 'an accelerant', not just something to control (Oct 1, 2026)[59] |
| Square (Block) | Managerbot, an AI business agent for Square sellers[60] | 7 use cases, 6 in production | Q2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[61] |
| U.S. Bank | In-house tools from the AI Center of Excellence[62][63][64][65] | Index 81.3 (#18); 18 use cases, 16 in production | Venkatachari: from proving AI to industrializing it (Oct 7, 2026)[32] |
| First Busey | Director of AI, Data Science and Insights (from April 2026)[66][67][68][69][70][71] | Index 44.9 (#64); 13 use cases, 10 in production | Q2 2026 10-Q: AI named in forward-looking risks; headcount and data processing (Aug 6, 2026)[72] |
| Ameriprise Financial | Not disclosed | No profile | Not disclosed |
Who should look beyond Associated, and where?
| If you are | Look at | Why |
|---|---|---|
| Customers who want an AI assistant in their banking app | U.S. Bank (Smart Assistant) | Associated's planned AI-enabled chatbot, listed for 2024 in its 2023 strategic plan, has no announced launch. U.S. Bank reports 2.5 million Smart Assistant uses a month and leads Wisconsin by deposits.[73][31][2] |
| People who need branches outside the upper Midwest | U.S. Bank or JPMorgan Chase | Associated's 184 branches at December 31, 2025 were mainly in Wisconsin, Illinois, Minnesota and Missouri, with Nebraska added in April 2026. U.S. Bank runs more than 2,000 branches in 26 states and Chase reported 5,083 branches in 2025.[1][7][11][12] |
| Minnesota customers who want a large local branch network | U.S. Bank, Wells Fargo or Old National | Associated held $2.3 billion of Minnesota deposits in 18 offices (15th) in June 2025. U.S. Bank held 33.17% of the state's deposits, Wells Fargo 15.96% and Old National, after Bremer, $13.0 billion in 81 offices.[4] |
| Savers who want an app-only account | Chime or Ally | Associated is a branch bank. Chime had 10.4 million active members at June 30, 2026, and Ally calls itself the largest all-digital bank, with 3.5 million primary deposit customers.[1][20][21] |
| Sellers who want card acceptance and point-of-sale software from one provider | Square (Block) | Block's 10-K lists point-of-sale providers and banks among Square's competitors and sells payments, software and banking to sellers in one place.[10] |
Where does Associated rank among Wisconsin banks by deposits?
FDIC Summary of Deposits, June 30, 2025: deposits booked in Wisconsin offices, by bank.
| Rank | Bank | Wisconsin deposits | Share | Offices |
|---|---|---|---|---|
| 1 | U.S. Bank | $32.3 billion | 16.07% | 91[2] |
| 2 | Associated Bank | $26.0 billion | 12.95% | 137[2] |
| 3 | BMO Bank | $22.8 billion | 11.34% | 150[2] |
| 4 | JPMorgan Chase | $12.8 billion | 6.38% | 63[2] |
| 5 | Nicolet National Bank | $6.7 billion | 3.31% | 39[2] |
| 6 | Johnson Bank | $5.5 billion | 2.73% | 32[2] |
| 7 | Old National Bank | $4.0 billion | 2.01% | 31[2] |
| 8 | Wells Fargo | $4.0 billion | 1.99% | 33[2] |
| 9 | Town Bank (Wintrust) | $3.7 billion | 1.82% | 24[2] |
How large is Associated in its other states?
Associated's deposits and rank in each other state from the FDIC's June 30, 2025 data, beside the state leader.
Who are Associated Bank's biggest competitors?
In Wisconsin, U.S. Bank (1st by deposits), BMO (3rd), JPMorgan Chase (4th) and Nicolet (5th). In commercial banking, Midwest regionals in its proxy peer group: Old National, Wintrust, Commerce and UMB. In Nebraska, FNBO. Its 10-K also names internet-based banks, credit unions, nonbank lenders and financial technology companies.[2][8][5][1]
Is U.S. Bank bigger than Associated in Wisconsin?
Yes, by deposits. In the FDIC's June 2025 data U.S. Bank held $32.3 billion of Wisconsin deposits (16.07%) in 91 offices, against Associated's $26.0 billion (12.95%) in 137 offices. Associated is the largest bank holding company headquartered in Wisconsin, per its 10-K.[2][1]
Is Chime a competitor of Associated Bank?
By category. Associated's 10-K names internet-based banks and financial technology companies among its competitors, and Chime's 10-K says its model gives it a cost advantage over traditional banks; Chime had 10.4 million active members in June 2026. Neither names the other.[1][9][20]
Associated vs Old National: which is bigger?
Old National, at about $74 billion of assets in July 2026 against Associated's roughly $52 billion. Old National bought Minnesota's Bremer and ranks 4th in that state; Associated is 2nd in Wisconsin, where Old National is 7th. On AI disclosure Old National scores 66 and Associated 56.8.[16][27][6][4][2]
What are alternatives to Associated for small business banking?
U.S. Bank, the largest bank in Wisconsin and Minnesota by deposits, and Square for sellers who want payments and point-of-sale software with banking. Associated's own 10-K notes nonbanks now offer services such as automatic transfer and payment systems that banks traditionally provided.[2][4][10][1]
Who does Associated compete with in Omaha?
FNBO above all: First National Bank of Omaha held 18.54% of Nebraska deposits in June 2025. American National, which Associated bought for $604 million in April 2026, was 6th with $3.1 billion. FNBO is also expanding, with acquisitions such as Blue Ridge Bancshares and InBankshares in 2026.[5][7][74][75]
Who competes with Associated in private wealth?
Commerce, with $94.5 billion of trust assets under administration and the FineMark acquisition completed in January 2026, Busey, with $16.51 billion of wealth assets under care, and brokerage-affiliated firms such as Ameriprise, whose bank is 3rd in Minnesota by deposits. Associated's CEO said in April 2026 that he wants to pave a 'highway to private wealth'.[18][23][25][4][24]
Does Associated compete with BMO?
Yes, directly in Wisconsin, where BMO ranked 3rd by deposits with $22.8 billion in 150 offices in June 2025, close behind Associated's $26.0 billion. BMO's US bank is part of a group with $1.5 trillion of assets and reports more than 96% employee AI adoption.[2][76][33]
- Associated Banc-Corp Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Summary of Deposits, Wisconsin branch offices, June 30, 2025 (BankFind Suite API)
- Summary of Deposits, Illinois branch offices, June 30, 2025 (BankFind Suite API)
- Summary of Deposits, Minnesota branch offices, June 30, 2025 (BankFind Suite API)
- Summary of Deposits, Nebraska branch offices, June 30, 2025 (BankFind Suite API)
- Acquisitive Old National eyes growth in Midwest, Southeast
- Associated Bank to buy Nebraska lender for $604M
- Associated Banc-Corp 2026 Proxy Statement (DEF 14A)
- Chime Financial, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Block, Inc. Annual Report 2025 (Form 10-K)
- U.S. Bank Brings a Personal Touch to a Digital World
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Nicolet Bankshares, Inc. Announces First Quarter 2026 Earnings
- Wintrust Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Associated Banc-Corp Reports Second Quarter 2026 Earnings of $0.63 Per Common Share, or $0.73 Excluding Nonrecurring Items
- Old National Bancorp — Investor Relations (approximately $74 billion of assets)
- Wintrust Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026
- Commerce Bancshares, Inc. At a Glance (data as of June 30, 2026)
- The Most Powerful Women to Watch, No. 15, Uma Wilson, UMB Bank
- Chime Reports Second Quarter 2026 Financial Results
- Ally Financial Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- U.S. Bank 2026 Small Business Survey
- Commerce eyes wealth-management gains after sealing M&A deal
- Associated Bank CEO wants to pave 'highway to private wealth'
- First Busey Corporation Announces 2026 Second Quarter Earnings
- Associated Bank Hires Andy Miner as senior director, AI for Corporate & Commercial Banking
- Associated Bank chief digital officer joins from BMO
- Alexander Bush, EVP, Chief Data Officer & CIO, Associated Bank (Digital Banking speaker profile)
- Associated Announces Annual Meeting Results; Dividends; Stock Repurchase Program; and New Technology Committee
- Associated Banc-Corp at Barclays conference: growth, margins and AI (transcript)
- U.S. Bancorp Annual Report 2025
- How U.S. Bank Is Industrializing AI
- BMO Launches Return on Intelligence Podcast
- Meet Lumi Assistant: BMO's award-winning AI tool empowering Team BMO
- BMO Earns Top Recognition for Responsible AI Leadership in Global Banking
- 2026 Company Update Transcript - Chairman and CEO Q&A
- JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts
- JPMorgan CEO Dimon warns customers of 'liability transfer' with AI
- JPMorgan warns of risks to consumers who rely on AI agents
- Nicolet National Bank and MidWestOne Bank: what customers should know
- Financing the AI innovation roadmap
- How FNBO uses agentic AI to investigate financial crime
- FNBO Closes Acquisition of Blue Ridge Bank and Trust Co. in Kansas City
- Old National (ONB) Q1 2026 Earnings Transcript
- Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended June 30, 2026
- Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended March 31, 2026
- Old National Bancorp Reports Record Second Quarter 2026 Results; Announces Enhanced Executive Leadership Structure
- AI driving funding growth via credit adjudication
- 2025 Annual Report
- Commerce Bank Completes Acquisition of Investment Banking Firm Nolan & Associates
- UMB's post-acquisition systems conversion set for October
- AI POV: Impacts on the markets and what the future may hold
- This Kansas City regional bank is playing with the big boys. JPMorgan sees big gains ahead
- What is Jade Financial Partner? (help centre, retrieved 2026-09-23)
- Chime Announces Agreement to Acquire Stride Bank
- Ally Financial rolls out proprietary AI platform enterprise-wide
- How Sathish Muthukrishnan keeps Ally's data safe from gen AI
- Ally developed AI personas to mirror customer behavior
- The Most Powerful Women in Banking Women to Watch, #9, Stephanie Richard, Ally Financial
- Square Brings Managerbot to More Sellers, Giving Main Street an Intelligent Business Agent
- Q2 2026 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- U.S. Bank launches Design Assistant, an AI solution to empower designers at scale
- U.S. Bank gives embedded banking clients a gen AI assistant
- AI-powered Statement Analyzer simplifies payment services for small businesses
- U.S. Bank launches AI-driven cash forecasting tool
- Bernini Joins Busey as Director of AI
- Q1 2026 Earnings Investor Presentation
- First Busey Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Q2 2026 Earnings Investor Presentation (Form 8-K, Exhibit 99.2)
- Building Relationships When Checking No Longer Confers Primacy
- Busey Bank: 30,000 New Customers, Zero Hiring
- First Busey Corporation Quarterly Report on Form 10-Q for the quarter ended June 30, 2026
- Associated Bank executing next phase of strategic plan
- FNBO's latest deal adds to its Kansas City buildout
- No pause button: Omaha bank inks second M&A deal since June
- BMO Establishes Institute for Applied Artificial Intelligence & Quantum
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