Associated Banc-Corp to Acquire American National for $604m
Associated Banc-Corp, a major player in the banking sector, has recently announced its decision to acquire American National with a deal worth up to $604 million. This acquisition aims to bolster the bank’s presence across key markets in the US Midwest. The strategic move will result in the integration of American National’s banking subsidiary into Associated Banc-Corp’s subsidiary, Associated Bank. You can find more details about this acquisition Here.
Deal Structure and Approval
As per the acquisition agreement, shareholders of American National will receive 36.250 shares of Associated’s stock for each share of American National stock they own. The transaction value is pegged on Associated’s closing price of $26.29 as of 28 November 2025.
The deal has received unanimous approval from the boards of directors of both Associated Banc-Corp and American National. American National’s two primary shareholders, who jointly own 99% of the company, have also given their nod to the deal after signing transfer, voting, and registration rights agreements.
Subject to customary closing conditions and regulatory approvals, the deal is expected to close in the second quarter of 2026.
Associated Banc-Corp’s Growth Strategy
Andy Harmening, the President and CEO of Associated Banc-Corp, expressed his excitement about the deal. He stated that this complementary partnership is a significant step in their growth strategy. The acquisition will deepen their presence in the Twin Cities, establish a strong foothold in the attractive Omaha market, and broaden their reach across the Midwest.
Emphasizing the cultural fit between the two banks, Harmening pointed out that both institutions share a customer-centric approach, industry-leading products and services, and a focus on supporting and uplifting the communities they serve.
About American National
American National operates 33 offices across Nebraska, Minnesota, and Iowa, with a particular focus on the Greater Omaha and Minneapolis/St. Paul metro areas. As of 30 September 2025, the company reported total assets of $5.3bn, total loans of $3.8bn, and total deposits of $4.7bn.
Associated Bank, based in Green Bay, Wisconsin, operates nearly 200 branches across more than 100 communities in four states. The combined entity, post-acquisition, will deliver a wide range of banking services across Wisconsin, Illinois, Minnesota, Missouri, Nebraska, and Iowa.
Advisors to the Deal
Evercore served as the financial advisor, while Wachtell, Lipton, Rosen & Katz acted as the legal advisor to Associated. On the other hand, Piper Sandler & Co. served as the financial advisor and Alston & Bird as the legal advisor to American National.
Joint Statement by American National
In a joint statement, John Kotouc and Wende Kotouc, Executive Co-Chairperson/Co-CEO of American National Corporation and Co-Chairperson/Co-CEO of American National Bank respectively, expressed their confidence in the partnership. They believe that the partnership will enhance the value and capabilities of their trusted banking services while continuing to provide convenient, local, dependable, and personalized service that their clients have enjoyed for decades.
The acquisition of American National by Associated Banc-Corp is a significant development in the banking sector, promising growth and expansion for both entities. With mutual goals and strategies, the partnership is expected to deliver greater value to their clients and the communities they serve.
