Associated Banc-Corp acquires American National Corporation

By Greg Peters • Monday, December 01 10:15 • Permanent Link

Associated Banc-Corp (NYSE: ASB) has announced a definitive agreement to acquire American National Corporation, a move that is set to significantly impact the company's financial position and market presence. The acquisition will see American National merge into Associated, with its bank subsidiary also merging into Associated Bank, N.A.

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. Following the transaction, Associated will become the second-largest bank in the Omaha MSA and the 10th largest in the Minneapolis/St. Paul MSA by deposit market share.

The transaction, valued at approximately $604 million based on Associated's closing price of $26.29 as of November 28, 2025, will see American National shareholders receive 36.250 shares of Associated stock for each share of American National stock.

This move is expected to accelerate Associated's growth strategy by deepening its presence in the Twin Cities, establishing a foothold in the Omaha market, and broadening its reach across the Midwest.

The management of both companies has expressed confidence in the partnership, citing the cultural alignment and shared commitment to community support. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2026.

Associated Banc-Corp, with total assets of $44 billion, operates 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.

American National Corporation, a privately-held financial institution based in Omaha, Nebraska, has been serving clients and communities for more than 169 years, with total assets of over $5 billion.

The acquisition is expected to significantly impact Associated Banc-Corp's financials and market presence, positioning the company for accelerated growth and expanded market reach across the Midwest. As a result of these announcements, the company's shares have moved -0.08% on the market, and are now trading at a price of $26.29. For more information, read the company's full 8-K submission here.

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