Binder to get $1.65 million in agreement

Lisa Binder, whose resignation as president of Associated Banc-Corp was announced Friday, will receive $1.65 million from the bank in a ???no-compete??? agreement.

Binder and Green Bay-based Associated reached the agreement prior to the announcement, and the ???no-compete??? agreement was filed with the U.S. Securities and Exchange Commission on Friday.

The agreement notes that the payment is not a ???golden parachute,??? which is prohibited under executive pay guidelines for banks that have taken capital from the federal Toxic Assets Relief Program (TARP). Associated Banc-Corp in November 2008 sold $525 million of senior preferred shares and related common stock warrants to the U.S. Department of the Treasury under the federal government???s voluntary Capital Purchase Program.

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The SEC filing states that Binder left the bank ???to pursue other interests.???

Binder has agreed, for one year after her May 15 ???separation date,??? to not own, ???operate, manage, control, engage or participate in, consult or advise, render services for, or otherwise assist, in any executive or strategic role??? with any person who engages in the banking business in Illinois, Wisconsin or Minnesota and any person or entity in the banking industry with corporate headquarters in Illinois, Wisconsin or Minnesota. Those are the three states where Associated Bank does business.

Binder also is restricted from using her confidential knowledge of Associated Banc-Corp???s business, strategic plans, and customer relationships to compete with the company.

Binder was one of the highest profile female executives in the Wisconsin banking industry. She served on the board of Associated Banc-Corp (NASDAQ: ASBC) and was president and chief operating officer of Associated Banc-Corp and Associated Bank. She worked at Associated Bank???s downtown Milwaukee office in the Plaza East office center, 330 E. Kilbourn Ave.

Binder, 52, Binder joined Associated in January 2007.