Green Bay-based Associated Bank has announced it will expand Associated Community Development LLC, its real estate development investment arm.
ACD provides equity and loans to underserved areas throughout the Midwest, especially in Wisconsin, Illinois and Minnesota. Among the investment vehicles are tax credits for affordable housing, historical building preservation and commercial development projects.
The bank will increase its investment in local community development projects and has promoted several executives to the ACD investment committee and senior policy team. Corporate treasurer Tim Watson, chief credit officer Scott Hickey, and senior CRA representative Gwen Washington will join the senior policy team. Commercial real estate credit manager Patrick Ahern will chair the investment committee, with support from senior relationship manager Michael McGovern and director of investments Charlie Cafazza.
The investment committee includes employees from the compliance, corporate credit, treasury, tax and commercial real estate lines of business. The senior policy team provides guidance, supervision and strategic recommendations.
“Investing in our local markets is a top priority for Associated Bank,” said Breck Hanson, commercial real estate EVP, who leads the ACD. “We’re looking forward to creating meaningful real estate development opportunities in the communities we serve, which in turn foster job creation and improved housing options.”
“We are excited to report that two major ACD projects totaling $25 million will be completed by the end of this year,” he said. “Associated Bank is also working with local communities to identify additional investment opportunities.”