EVP Steven Zandpour Buys 4,428 Shares of Associated Banc‑Corp in Quiet Confidence Signal

Insider Buying Continues at Associated Banc‑Corp

On February 1 2026, EVP Steven Zandpour added 4,428 shares of Common Stock to his portfolio at $27.26 per share—just ahead of the $27.83 market close. The purchase, made under a Time‑Based Restricted Stock Unit (TRSU) plan, will vest in four yearly installments beginning February 8, 2027. Although the trade is small relative to the company’s $4.5 billion market cap, it follows a pattern of consistent, modest purchases that suggest confidence in the bank’s near‑term outlook.

Implications for Investors

Zandpour’s buying is a quiet signal of institutional belief. Over the past year, he has added roughly 173 shares per month at a stable price, keeping his holdings near $14.5 million in value. This steady accumulation aligns with the bank’s recent 5‑month uptrend (≈ 4 % weekly, 5 % monthly, 10 % yearly) and the high‑grade P/E of 30—typical of a solid, dividend‑paying bank. For investors, the trade reinforces the narrative that senior management sees upside from continued regional expansion and a robust loan portfolio, rather than a short‑term spike driven by speculative trading.

What It Means for the Company’s Future

The modest size of the purchase, coupled with the TRSU vesting schedule, signals a long‑term horizon. By locking in shares that will vest over four years, Zandpour demonstrates a willingness to remain invested as the bank navigates regulatory changes and competitive pressures in the Midwest. If the bank maintains its current asset growth and margin expansion, the insider’s confidence could translate into a stable share price trajectory. However, the market’s high trading volume and a 1,753 % social‑media buzz on the same day hint at heightened scrutiny—any adverse news could quickly erode the supportive sentiment.

Profile of Steven Zandpour

Zandpour, EVP of Associated Banc‑Corp, has a disciplined trading record. He has executed 15 transactions since December 2025, all buys at prices hovering around $26.8–$27.3. His holdings have grown from $8 million to $14.5 million, indicating a cumulative purchase volume of roughly $400 k in shares. The trades are evenly spaced, avoiding large lump sums that might signal speculative bets. Compared with peers—such as COO Warsek Gregory (2 buys totaling 6,970 shares) and EVP Gerald (buy of 32,327 shares)—Zandpour’s activity is modest, underscoring a cautious, long‑term approach rather than opportunistic trading.

Investor Takeaway

For shareholders, the transaction is a positive, albeit modest, indicator of management confidence. The long‑vesting TRSU plan suggests an expectation that the bank’s valuation will rise over the next four years, providing a potential upside for the broader shareholder base. Coupled with a strong earnings outlook and a stable regional footprint, Zandpour’s purchase should be viewed as an endorsement of the bank’s strategic direction rather than a signal of immediate market volatility.