Associated Bank Exits Auto Loan Biz

Associated Banc-Corp. plans to sell its consumer loan portfolio, which includes auto and home-improvement loans, according to a published report.

Green Bay, Wis.-based Associated Bank operates the consumer loan business via its Riverside Finance affiliate. The unit has offices in Illinois, Minnesota, and Wisconsin.

Though the bank’s financials exclude specific auto finance data, first-quarter earnings mention that $61 million of non-core consumer finance installment loans were transferred to “loans held for sale,” resulting in a $10 million charge-off in the quarter. The sale is expected to close this quarter.