Associated Bancorp launched a new, nationally focused franchise banking vertical, expanding its portfolio of industry-specific specialty financial solutions and deepening its commitment to serving franchise owners and operators across the country.
This strategic move complements Associated’s broader organic growth initiative, focused on strengthening its core business in the Midwest and expanding into complementary markets and businesses to attract and deepen relationships organically.
To lead the initiative, Shaun Coard has joined Associated as senior vice president, business segment leader – franchise banking. Coard will report to John Utz, executive vice president, head of specialized industries. In addition to Coard, Associated has hired a team of four franchise banking professionals:
- Phil Davis, senior vice president, portfolio manager, Franchise Banking
- Jasmine Synstelien, vice president, relationship manager, Franchise Banking
- Kriston Jordan, loan administrator, Franchise Banking
- Todd Matthies, cash automation solutions manager, Franchise Banking
The addition of franchise banking strengthens Associated’s diversified portfolio of nationally focused, industry-specific specialty verticals. This includes power and utilities, mortgage warehousing, insurance, equipment finance, structured finance, government banking, data centers, financial institutions and asset-based lending, enabling the bank’s ability to deliver integrated, sector-specific financial solutions.
“Shaun is a recognized leader in Franchise Banking and the perfect executive to build and scale our Franchise Banking vertical,” Utz said. “She brings a demonstrated history of successfully launching and growing new platforms, establishing disciplined credit frameworks and cultivating strong brand and operator relationships. Her expertise will accelerate our ability to deliver tailored capital solutions and strategic guidance to franchise owners, while strengthening Associated’s position as a differentiated, industry-focused financial partner.”
Coard brings more than 30 years of financial services experience, with deep expertise in scaling specialty banking platforms and building high-performing national teams. Most recently, she led the national franchise banking division at Bremer Bank, where she accelerated growth, strengthened risk discipline, and deepened strategic partnerships. Previously, at Regions Bank, she led commercial banking in the Houston market and played a key role in launching a high-performing, revenue-generating line of business that expanded the bank’s market presence. She also spent more than a decade in commercial banking leadership roles at Wells Fargo, advising middle-market and growth-focused clients.
“Joining Associated as it’s growing not only in the Twin Cities but across the country was an opportunity I couldn’t pass up,” Coard said. “I’m excited to work with customers to help franchisees and specialty businesses establish and exceed their financial goals by building long-term client relationships based on prudence, responsibility and trust.”
The team is based in the IDS Center in Minneapolis.
