Associated Banc-Corp has agreed to acquire American National for up to $604m, to expand its presence across key markets in the US Midwest. 

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

Under the terms of the agreement, American National shareholders will receive 36.250 shares of Associated’s stock for each share of American National stock. 

The transaction value is based on Associated’s closing price of $26.29 as of 28 November 2025. 

This deal has been unanimously approved by the boards of directors of both companies. 

American National’s two primary shareholders, who jointly own 99% of the company, have also approved the deal and signed transfer, voting and registration rights agreements. 

The deal is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. 

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

“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.” 

American National operates 33 offices across Nebraska, Minnesota, and Iowa, with focus on the Greater Omaha and Minneapolis/St. Paul metro areas. 

The company reported total assets of $5.3bn, total loans of $3.8bn and total deposits of $4.7bn, as of 30 September 2025. 

Based in Green Bay, Wisconsin, Associated Bank operates nearly 200 branches across more than 100 communities in four states. 

Upon closing, the combined entity will deliver a wide range of banking services across Wisconsin, Illinois, Minnesota, Missouri, Nebraska and Iowa. 

Evercore served as financial advisor, while Wachtell, Lipton, Rosen & Katz acted as legal advisor to Associated. 

Piper Sandler & Co. served as financial advisor and Alston & Bird as legal advisor to American National. 

American National Corporation executive co-chairperson/co-CEO John Kotouc and American National Bank co-chairperson/co-CEO Wende Kotouc, in a joint statement, said: “Our organisations share a long history of success supporting client and community growth across the Midwest. 

“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 personalised service that our clients have enjoyed for decades.”