Associated Banc-Corp and American National Corporation to Merge in Strategic Growth Move

Major Merger Announcement: Associated Banc-Corp and American National Corporation

Associated Banc-Corp (NYSE: ASB) and American National Corporation have officially entered into a mutual agreement, signaling an exciting new chapter for both organizations. This merger aims to accelerate Associated's growth strategy, expanding its services across the Midwest and establishing it as a formidable presence in critical markets.

Historical Overview and Current Statistics

The two institutions share a rich history of serving their communities, with Associated Banc-Corp tracing its roots back to 1861 and American National to 1856. As of September 30, 2025, American National reported impressive assets totaling $5.3 billion, loans amounting to $3.8 billion, and deposits hitting $4.7 billion. This solid financial foundation coupled with their shared community-centric values makes their union a promising venture.

Based in Green Bay, Wisconsin, Associated is the largest bank in the state and boasts nearly 200 branches serving over 100 communities across several states including Illinois, Minnesota, and Missouri. Likewise, American National, headquartered in Omaha, Nebraska, operates 33 branches with a focus on the Greater Omaha and Minneapolis/St. Paul areas.

Strategic Growth Potential

With this merger, Associated Banc-Corp is expected to elevate its ranking significantly by becoming the second-largest bank in the Omaha Metropolitan Statistical Area (MSA) and the tenth-largest in the Minneapolis/St. Paul MSA, as measured by deposit market share. This expansion will enable Associated to provide its banking products and services to a broader client base across these lucrative Midwest markets.

Andy Harmening, President and CEO of Associated Banc-Corp, remarked on the partnership, expressing eagerness to integrate American National’s clients and employees into their system. He emphasized the complementary nature of the two organizations, which share a commitment to customer service, community involvement, and the delivery of high-quality banking products.

Implications for Stakeholders

In a joint statement, American National’s executives, John and Wende Kotouc, echoed Harmening's sentiments, highlighting a shared history of community-centered banking and the comfort that clients can expect from the continuity in service delivery. They believe this merger will not only enhance the services provided but will also add value for everyone involved, including both clients and communities.

According to the terms of the agreement, each share of American National stock will convert into 36.250 shares of Associated stock, valuing the merger at around $604 million based on a recent closing price of $26.29. This transaction has received unanimous approval from the boards of both companies and key shareholders, ensuring a smooth transition ahead.

Looking Forward

The completion of this merger is anticipated in the second quarter of 2026, pending regulatory approvals and customary closing conditions. As the two banks prepare for this transformative journey, stakeholders are encouraged to stay informed throughout this process.

Both banks are committed to maintaining open lines of communication and will host a conference call on December 1, 2025, to provide further details and answer any questions regarding the merger.

Conclusion

In conclusion, the merger between Associated Banc-Corp and American National Corporation represents not just a strategic business decision but a thoughtful partnership focused on expanding community support and enhancing service offerings in the Midwest. As they embark on this exciting journey together, both organizations demonstrate their commitment to growth, innovation, and a customer-first approach that will serve them well in the years to come.