Associated Banc-Corp To Accelerate Growth Strategy With Acquisition of American National Corporation
GREEN BAY, Wis. and OMAHA, Neb., Dec. 1, 2025 – Associated Banc-Corp (NYSE: ASB) (“Associated”) and American National Corporation (“American National”) jointly announced today 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 proud 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 #2 bank in the Omaha MSA and the #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.
CONFERENCE CALL INFORMATION
Associated Banc-Corp management expects to host a conference call for investors and analysts at 7:30 a.m. Central Time (CT) today, December 1, 2025 to discuss details of the agreement. Interested parties can access the live webcast of the call through the Investor Relations section of the Company’s website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp / American National merger call. An accompanying slide presentation will be available on Associated Banc-Corp’s website just prior to the call. An audio archive of the webcast will be available on the Company’s website approximately fifteen minutes after the call is over.
An investor presentation has been filed as a Form 8-K with the Securities and Exchange Commission and can be accessed via Associated Banc-Corp’s website at http://investor.associatedbank.com.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
ABOUT AMERICAN NATIONAL CORPORATION
American National Corporation is a privately-held financial institution based in Omaha, Nebraska that has been serving clients and communities for more than 169 years. With total assets of over $5 billion, their reputation as a trusted financial partner has been built through thoughtful, steadfast and principled banking since 1856. Today, American National operates 33 full-service offices in Nebraska, Iowa and Minnesota. American National Bank is an Equal Housing Lender and Member FDIC. More information about American National Bank is available at www.american.bank.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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