Associated Banc-Corp has announced an agreement to acquire American National Corporation, the holding company for American National Bank, in a deal valued at approximately USD 604 million. The transaction, announced on 1 December 2025, is designed to expand Associated Bank's Midwest presence by deepening its presence in the Minneapolis/St. Paul market, where it already operates, and entering Omaha in Nebraska.
American National Bank, founded in 1856 and headquartered in Omaha, operates 33 branches across Nebraska, Minnesota and Iowa, concentrated in the Greater Omaha and Minneapolis/St. Paul metro markets. Associated highlighted American National's high-quality, low-cost deposit base and said the deal deepens its presence in the Twin Cities and establishes it in the attractive Omaha market.
COMBINED FOOTPRINT
Associated Bank, headquartered in Green Bay, Wisconsin, operates nearly 200 branches across Wisconsin, Illinois, Minnesota and Missouri. The addition of American National Bank's 33 branches would make Associated the No. 2 bank in the Omaha MSA and No. 10 in the Minneapolis/St. Paul MSA by deposits.
Associated cited both banks' consistent, conservative credit processes and strong asset quality as part of the strategic rationale.
FINANCIAL TERMS AND OUTLOOK
The USD 604 million consideration values American National, which had USD 5.3 billion in assets, USD 3.8 billion in loans and USD 4.7 billion in deposits at 30 September 2025. The deal is all-stock, with American National shareholders receiving 36.250 Associated shares per share; American National's two primary shareholders, owning 99%, have already approved it, and completion remains subject to regulatory approvals, with closing expected in the second quarter of 2026.