Associated Banc-Corp and American National Corporation jointly announced that they have entered into a definitive agreement under which American National will merge into Associated. American National’s bank subsidiary, American National Bank, will also merge into Associated’s bank subsidiary, Associated Bank N.A.
Associated and American National share a heritage of serving Midwest communities with roots tracing back to 1861 and 1856, respectively. Based in Green Bay, Associated Bank N.A. is the largest bank headquartered in Wisconsin and delivers a full range of banking products and services from nearly 200 branches serving over 100 communities across Wisconsin, Illinois, Minnesota and Missouri. Headquartered in Omaha, Nebraska, American National Bank operates 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As of September 30, 2025, American National reported total assets of $5.3 billion, total loans of $3.8 billion and total deposits of $4.7 billion.
As a result of this partnership, Associated will become the No. 2 bank in the Omaha MSA and the No. 10 bank in the Minneapolis / St. Paul MSA by deposit market share, delivering its products and services to an expanded client base across attractive Midwest markets.
“We’re excited for the opportunity to welcome American National clients, team members and communities to Associated,” said Associated Banc-Corp President & CEO Andy Harmening. “This complementary partnership accelerates our growth strategy by deepening our presence in the Twin Cities, establishing our presence in the attractive Omaha market, and broadening our reach across the Midwest. Importantly, we believe Associated is a natural fit for American National thanks to our customer-centric approach, our industry-leading products and services, and our focus on supporting and uplifting the communities we serve.”
“Our organizations share a long history of success supporting client and community growth across the Midwest,” said John Kotouc, American National Corporation Executive Co-Chairperson/Co-CEO, and Wende Kotouc, American National Bank Co-Chairperson/Co-CEO in a joint statement. “We are confident that this partnership will enhance the value and capabilities of our trusted banking services. Our teams will continue to provide the convenient, local, dependable and personalized service that our clients have enjoyed for decades.”
Under the terms of the merger agreement, American National shareholders will receive 36.250 shares of Associated stock for each share of American National stock. The all-stock, fixed exchange ratio transaction is valued at approximately $604 million based on Associated’s closing price of $26.29 as of November 28, 2025. The Boards of Directors of both Associated and American National have unanimously approved the transaction. American National’s two primary shareholders, who together own 99% of American National, have voted to approve the transaction and have entered into transfer, voting and registration rights agreements. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions including the receipt of regulatory approvals.
Evercore served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to Associated in this transaction. Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal advisor to American National in this transaction.