Associated Banc-Corp has completed its merger with American National Corporation including its subsidiary American National Bank.
Associated Bank, Green Bay, is the largest bank headquartered in Wisconsin with nearly 200 branches serving over 100 communities across Wisconsin, Illinois, Minnesota and Missouri.
Headquartered in Omaha, Nebraska, American National Bank operates 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As of Sept. 30, 2025, American National reported total assets of $5.3 billion, total loans of $3.8 billion and total deposits of $4.7 billion.
As a result of this partnership, Associated will become the No. 2 bank in the Omaha MSA and the No. 10 bank in the Minneapolis / St. Paul MSA by deposit market share.
“We’re thrilled to welcome our new American National customers and colleagues to Associated,” said Associated Banc-Corp President & CEO Andy Harmening. “Associated has strong growth momentum as a franchise, and this partnership complements and accelerates that momentum while maintaining the same local, dependable, and personalized approach that customers of both companies have enjoyed for decades. Importantly, the merger also positions us to deliver enhanced value for our shareholders.”
In connection with the merger, Associated announced the appointment of Wende Kotouc to its Board of Directors effective immediately.
Kotouc served as Executive Co-Chairperson and Chief Executive Officer of American National Bank and Executive Vice President of American National from July 2019 to April 2026 and as Executive Co-Chairperson of American National Bank’s Board of Directors from May 2017 to April 2026.
Under the terms of the merger agreement, American National shareholders will receive 36.250 shares of Associated stock for each share of American National stock. The all-stock, fixed exchange ratio transaction is valued at approximately $604 million based on Associated’s closing price of $26.29 as of Nov. 28, 2025.
This article was originally posted on Insight on Business.