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Outgoing president of Associated Bank gets $1.6 million in separation payments

Analysts say they're not sure why the president of Wisconsin's second-largest bank has suddenly resigned.

Associated Bank of Green Bay said Lisa Binder quit voluntarily last Friday.

Federal records show that Binder will get more than $1.6 million in the next 10 months as part of a separation agreement.

Binder promised not to spill business secrets during that time. And neither she nor the company can say anything bad about each other.

Analyst Terry McEvoy says Associated Bank has remained profitable during the recession, and has out-performed its competition, and there did not appear to be a mistake or an ill-timed decision that triggered Binder's resignation.

The federal documents said Binder cut all ties with the bank to "pursue other interests."

She was based in Milwaukee, and spent 2.5 years as Associated Bank's president.