Green Bay-based Associated Bank recently named Neil Riegelman as its next Milwaukee market president. Riegelman, who was previously senior vice president of commercial banking for the Milwaukee and Madison markets, takes over from John Utz, who led the Milwaukee market for Associated since 2015. Utz’s tenure included moving the bank’s Milwaukee offices to what is now the Associated Bank River Center and making significant contributions to the Milwaukee Rep’s remodeling of the Associated Bank Theater Center.

Riegelman spoke with BizTimes recently about how he sees the Milwaukee economy and banking landscape, what attracted him to Associated and his new role, the importance of top talent in the industry and life outside of work.

The following transcript has been lightly edited for length and clarity.

BizTimes: How would you describe Associated Bank’s presence in the Milwaukee market now and how has that changed in recent years?

Riegelman: “I’d say since (Associated Bank chief executive officer) Andy Harmening joined back in 2020, the bank has been around for 160 years, and I’d say the momentum continues. This is a proven market for us. There’s a lot of energy from our client base, from our employee base, about the direction that Associated continues to go, and the growth that we continue to see in this market and across our footprint.”

What are some of the strengths you see of the Milwaukee economy generally and as a banking market for Milwaukee?

“The Milwaukee economy is resilient. I’ve been in this market for over 20 years, and I’m always surprised by the impact that our region has on the U.S. and the world economy. Every month, I seem to find a new company that I scratch my head and say, ‘Wow, they do what? They impact this industry in this way?’ We just have great people, great employees. And I feel like we’re just, as I said, we’re a resilient business landscape and we’re innovative as well. So when the rest of the country continues to see the boom and bust from different industries that come on board, we’re very consistent and we deliver strong and reliable opportunity for not just the region, but for all the people that live here.”

As a banking market, that sounds like a lot of factors that would be nice to bank in terms of not too high, not too low. Is that kind of how you find it?

“Absolutely. The one thing that’s great about Wisconsin is that there’s a lot of legacy and where there’s legacy, there’s a lot of decisions that are thought for the long term, that are put forward due to the long term nature of ‘we all believe we’re going to be here for tomorrow.’ And that’s gone on just from multi-generational families to corporations that continue to call Milwaukee their headquarters. And that’s for a reason. It’s because we have one of the greatest workforces. We also have a very well-diversified mix of companies and an attractive business climate that makes it fun to be doing business here.”

On the flip side then, what are some of the, the biggest challenges for this market, especially from a banking perspective?

“One of the biggest challenges would just still be all the macroeconomic uncertainty that continues to be in front of everybody’s business plan, both personally and on the business side. Another piece would just be the continued retention of talent, and ensuring that we’re a destination of choice for individuals that they know they can have a great lifestyle here, but they could also grow their career and be impactful in the way that they want to be.”

We kind of dove right in with the macro or the Milwaukee economy questions, just to back up, you’ve got this new role, new opportunity. What attracted you to taking on this role as Milwaukee market president for Associated Bank?

“What attracted me to Associated is just its history here in the state and being around for 160 years. I grew up in Wisconsin. I’m from here. I plan to be here just like Associated. And as I looked at this new role, John Utz has done an amazing job of since he became market president in 2015. I look at this as passing the baton to ensure that our clients have continued leadership in this market where there’s clear accountability, continued fast decision making, and just a closer senior level engagement. That’s really what our clients at the end of the day come to expect and want with a banking partner. And I feel like that’s something that we can continue to deliver on with this announcement.”

How has the market presence grown in recent years and what are maybe some of the keys for continued growth in the region for Associated?

“So over the past two years, two-and-a-half years since I’ve been here, the bank has delivered double-digit organic growth in deposits and commercial and industrial lending in the Milwaukee market. So as I look to the future, my focus is going to be to continue that advancement in market share by just doing what we’ve always done, but also doubling down on just being a trusted advisor as there’s important business moments that happen, bring the full depth of Associated Bank and our capabilities to each one of those clients, and just making it easier for our clients to grow with us.”

Are there any areas where, whether it’s geography or kind of a client segment or product where within the region you feel maybe underrepresented or you see more opportunity to pick up the pace in terms of what you’re doing as a bank?

“I’ve been here again two and a half years and I spent my time with a bank before this where we grew from a very regional to a multinational international bank. And when I came to Associated, I was surprised by the scope of capabilities and offerings that we had that I was not personally aware of. We have some decades long plus relationships, from the outside in, I’d always scratch my head and think, ‘Man, I wonder how they retain those.’ And as I came here, I started to notice that, relationships are key, number one, but two our product set and our offerings are really strong, meaning that we are one of the top ESOP banks in Wisconsin, we have a foreign exchange capability that competes against any competitor. We’re one of the leading HSA banks, and we are really, I would say, the bank of flexibility. So depending on where you are and what you’re looking to solve, our job is how do we do that? How do we come back with an efficient, reliable, and consistent offering? And I think that’s what this bank has done really well.”

Especially on the business or commercial side, how are client needs changing and evolving, and how are you having to adapt to those things?

“They’re changing daily. And we’re seeing that with AI being introduced into all of our lives. From an Associated Bank standpoint, we’re not just sitting back and waiting for somebody else to lead us through that discussion. We are taking it head on and we are making investments in our people, in our systems, in our strategy to ensure that we’re a bank of choice when it comes to delivering on all the changes that are happening. At the end of the day, we can’t be experts in everything, but we have to be able to navigate and understand who can help. And sometimes that’s Associated or sometimes it’s one of our partners that can help and help deliver a strong solution for our client or prospective client base.”

You mentioned John Utz’s role over the past decade, and that includes a bunch of high profile things for Associated Bank, whether it’s the River Center or the theater center, or there’s partnerships with the Brewers, and I’m sure there’s more I’m forgetting. Do you feel like you’re at an adequate place in terms of the brand presence in the region, or is there more work to do to raise the Associated profile within Milwaukee?

“I’m really proud about just where Associated stands from a brand awareness and ambassador to the city and all those organizations that you just referenced. It has been, for me, coming in as market president in this role, it really puts a tailwind behind the importance of this market to us. … It’s not just about saying it, it’s about backing them with actual dollars to ensure that we’re supporting the arts and the various community efforts that Milwaukee so needs to continue to thrive. As I look to the future, my goal is to see where can we compliment all that and continue to elevate the brand and to elevate the experience of Associated as that steward of the community.”

A few more on the talent and more personal side, what’s your own style and approach to leadership?

“My style is I’m going to go on the front lines. I am not afraid to go and be where the action is, but I also can take a step back and lead from behind as well. So I am really excited about just the team that I get to work with here, not just in commercial, but across the enterprise. It is A class talent, and we deliver that every day with the clients and prospective clients that we have. So my leadership style always will continue to evolve as I get more experiences, but right now it’s do what you say you’re going to do and lead from the heart.”

Obviously you have the commercial background. How are you approaching really getting yourself familiar with the full breadth of the market and the presence?

“So I’ve been in this market for over 20 years, so I’m very familiar with what Milwaukee is, what Wisconsin is, and being a local. It’s hard not to be excited about our future and everything. When it comes to the banking side, through commercial banking, I kind of always looked at my role as a commercial banker as the quarterback of the bank when you go into clients and not just talking about what can commercial do for you, but what can Associated do for you? So it’s been a very natural muscle memory for me to go in and think of the holistic view of a client and how can we help, but not necessarily what’s most impactful to me or my team. So if you’re a customer of Associated commercial, you’re a customer of Associated Bank. We don’t own the clients, the bank does, and we’re going to try to deliver top value to each of them regardless of where it goes.”

What is the current competitive landscape for banking talent in the region as you see it?

“I mean, banking talent continues to be something that is challenging in a lot of ways. In my opinion, we’re going through a cycle of some very talented baby boomer relationship managers and banking executives that are taking on to their next stage. And at the same time, we’re also introducing and training the next generation to come up into this role. I’d say from a competitive standpoint, top talent is not always easy to find and attract, but when you can, you have a great team that you’re able to put together. For me, it’s really trying to look from within as well to make sure that we’re growing our talent here. But at the same sense, making sure that those that are interested in what’s going on at Associated should give me a call and we can have a discussion on how they can be part of our continued journey here.”

That kind of speaks to my next question, which was how are you planning to approach that attraction and retention piece. Just how important is that top talent and the relationships that come with them in terms of clients to the overall endeavor of the bank?

“Absolutely. I mean, relationships are key. People bank with people first, and then they also want to make sure they have a very strong organization behind them, but in the same sense, you need a great organization standing behind that individual to deliver the holistic approach. So I just think it’s very important that we continue to invest in our next generation of bankers to ensure that the companies that we’ve all taken over that have been multi-generational have the same type of experience that we’ve been able to deliver as a market for that future, for future growth and continuity within Wisconsin.”

Last one I had, more of a fun one, what do you enjoy outside of work?

“Well, I enjoy … I have three children, Lauren, Will, and Whitney, and my wife, Erica. We live in Brookfield, big outdoors people, love to hunt and fish, snow skiing in the wintertime, golf when I’m able, but then really just spend a lot of time with my family and get out and travel when we can. We spend a lot of our summers up in northern Wisconsin by my parents and in-laws, and a lot of time here just enjoying all the great things about Milwaukee.”