Associated Banc-Corp to accelerate growth strategy with acquisition of American National Corporation

Core Viewpoint - Associated Banc-Corp and American National Corporation have entered into a definitive agreement for a merger, enhancing their market presence in the Midwest and expanding their client base [1][3][4]. Company Overview - Associated Banc-Corp, headquartered in Green Bay, Wisconsin, is the largest bank in Wisconsin with total assets of $44 billion and nearly 200 branches across multiple states [2][9]. - American National Corporation, based in Omaha, Nebraska, has total assets of $5.3 billion and operates 33 branches primarily in Nebraska, Minnesota, and Iowa [2][10]. Merger Details - The merger will result in American National shareholders receiving 36.250 shares of Associated stock for each share of American National stock, valuing the transaction at approximately $604 million based on Associated's closing price of $26.29 as of November 28, 2025 [4]. - The merger is expected to close in the second quarter of 2026, pending regulatory approvals and customary closing conditions [4]. Market Impact - Post-merger, Associated will become the 2 bank in the Omaha Metropolitan Statistical Area (MSA) and the 10 bank in the Minneapolis / St. Paul MSA by deposit market share [3][4]. - This partnership is seen as a strategic move to deepen Associated's presence in key markets and enhance its growth strategy [4]. Leadership Statements - Leadership from both companies expressed excitement about the merger, highlighting a shared commitment to customer service and community support [4].