Associated Banc-Corp to acquire American National for $604m

Associated Banc-Corp has agreed to get American National for up to $604m, to grow its beingness crossed cardinal markets successful the US Midwest.

The acquisition volition spot American National’s banking subsidiary integrated into Associated Banc-Corp’s subsidiary, Associated Bank.

Under the presumption of the agreement, American National shareholders volition person 36.250 shares of Associated’s banal for each stock of American National stock.

The transaction worth is based connected Associated’s closing terms of $26.29 arsenic of 28 November 2025.

This woody has been unanimously approved by the boards of directors of some companies.

American National’s 2 superior shareholders, who jointly ain 99% of the company, person besides approved the woody and signed transfer, voting and registration rights agreements.

The woody is expected to adjacent successful the 2nd 4th of 2026, taxable to customary closing conditions and regulatory approvals.

Associated Banc-Corp president and CEO Andy Harmening said: “We’re excited for the accidental to invited American National clients, squad members and communities to Associated.

“This complementary concern accelerates our maturation strategy by deepening our beingness successful the Twin Cities, establishing our beingness successful the charismatic Omaha market, and broadening our scope crossed the Midwest.

“Importantly, we judge Associated is simply a earthy acceptable for American National acknowledgment to our customer-centric approach, our industry-leading products and services, and our absorption connected supporting and uplifting the communities we serve.”

American National operates 33 offices crossed Nebraska, Minnesota, and Iowa, with absorption connected the Greater Omaha and Minneapolis/St. Paul metro areas.

The institution reported full assets of $5.3bn, full loans of $3.8bn and full deposits of $4.7bn, arsenic of 30 September 2025.

Based successful Green Bay, Wisconsin, Associated Bank operates astir 200 branches crossed much than 100 communities successful 4 states.

Upon closing, the combined entity volition present a wide scope of banking services crossed Wisconsin, Illinois, Minnesota, Missouri, Nebraska and Iowa.

Evercore served arsenic fiscal advisor, portion Wachtell, Lipton, Rosen & Katz acted arsenic ineligible advisor to Associated.

Piper Sandler & Co. served arsenic fiscal advisor and Alston & Bird arsenic ineligible advisor to American National.

American National Corporation enforcement co-chairperson/co-CEO John Kotouc and American National Bank co-chairperson/co-CEO Wende Kotouc, successful a associated statement, said: “Our organisations stock a agelong past of occurrence supporting lawsuit and assemblage maturation crossed the Midwest.

“We are assured that this concern volition heighten the worth and capabilities of our trusted banking services. Our teams volition proceed to supply the convenient, local, dependable and personalised work that our clients person enjoyed for decades.”