Associated Banc-Corp and American National Corporation have announced a major step forward in their shared history of community banking, revealing that the two institutions have entered into a definitive agreement to merge. The deal will bring American National into the Associated Banc-Corp family, with American National Bank also set to merge into Associated Bank, N.A.
Although the two companies are headquartered in different states Associated in Green Bay and American National in Omaha they share a deep Midwest heritage, with roots dating back more than 150 years. Associated Bank is already the largest bank headquartered in Wisconsin, operating nearly 200 branches across four states. American National Bank currently serves customers through 33 branches across Nebraska, Minnesota, and Iowa, with particularly strong reach in the Omaha and Minneapolis–St. Paul regions.
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As of September 30, 2025, American National held $5.3 billion in total assets, including $3.8 billion in loans and $4.7 billion in deposits. Combining the two institutions will significantly expand Associated’s market presence positioning it as the #2 bank by deposit share in Omaha and the #10 bank in the Twin Cities.
Andy Harmening, President and CEO of Associated Banc-Corp, described the merger as an exciting and strategic move.
“We’re thrilled to welcome American National’s clients, employees, and communities into the Associated family,” he said. “This partnership is a natural fit it strengthens our footprint across the Midwest and gives us the opportunity to bring our customer-centric approach and leading financial solutions to more individuals and businesses. Most importantly, it aligns with our shared commitment to supporting the communities we serve.”
American National’s longtime leaders, John Kotouc and Wende Kotouc, echoed the sentiment in a joint statement.
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They noted that both organizations have deep roots in supporting Midwest communities and said the merger represents a meaningful step forward for their customers.
“We are confident that this partnership enhances the value and capabilities of the banking services our clients rely on,” they shared. “Our teams will continue to deliver the dependable, local, and personalized service that our clients have trusted for decades.”
Under the terms of the agreement, American National shareholders will receive 36.250 shares of Associated stock for each share they currently hold. The all-stock transaction is valued at roughly $604 million based on Associated’s November 28, 2025 closing price. The boards of both companies have unanimously approved the merger, and American National’s primary shareholders representing 99% ownership have already voted in favor.
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Pending regulatory approval, the deal is expected to close in the second quarter of 2026.
Evercore and Wachtell, Lipton, Rosen & Katz advised Associated, while Piper Sandler and Alston & Bird supported American National through the transaction.
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