GREEN BAY - Associated Banc-Corp announced Monday it will merge with Omaha-based American National Corp to expand the Green Bay-based bank’s presence in Nebraska and Iowa.

The all-stock deal is valued at over $600 million. Once complete, the combined bank will have about $50 billion in assets.

American National Bank acquired the insolvent Midwest Federal Savings & Loan of Nebraska City in 1990. The purchase gave American National Corp $315 million in assets, making it the fifth largest bank holding in Nebraska.

In 1990, Midwest federal also had offices in Plattsmouth, Syracuse, Auburn and Falls City.

An Associated Banc-Corp press release says today American National Bank has 33 branches across Nebraska, Iowa and Minnesota with total assets of $5.3 billion. The bank has loans of $3.8 billion and deposits of $4.7 billion.

The partnership will become the number two bank in the Omaha region.

 

Here is bank's press release

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

December 1, 2025
 
  • Expanded presence in strategic growth markets
  • Financially attractive partnership
  • Strong cultural alignment

GREEN BAY, Wis. and OMAHA, Neb., Dec. 1, 2025 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated") and American National Corporation ("American National") jointly announced today that they have entered into a definitive agreement under which American National will merge into Associated. American National's bank subsidiary, American National Bank, will also merge into Associated's bank subsidiary, Associated Bank, N.A.

Associated Bank and American National Bank logos

Associated and American National share a proud heritage of serving Midwest communities with roots tracing back to 1861 and 1856, respectively. Based in Green Bay, Associated Bank N.A. is the largest bank headquartered in Wisconsin and delivers a full range of banking products and services from 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 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.

As a result of this partnership, Associated will become the #2 bank in the Omaha MSA and the #10 bank in the Minneapolis / St. Paul MSA by deposit market share, delivering its products and services to an expanded client base across attractive Midwest markets.

"We're excited for the opportunity to welcome American National clients, team members and communities to Associated," said Associated Banc-Corp President & CEO Andy Harmening. "This complementary partnership accelerates our growth strategy by deepening our presence in the Twin Cities, establishing our presence in the attractive Omaha market, and broadening our reach across the Midwest. Importantly, we believe Associated is a natural fit for American National thanks to our customer-centric approach, our industry-leading products and services, and our focus on supporting and uplifting the communities we serve."

"Our organizations share a long history of success supporting client and community growth across the Midwest," said John Kotouc, American National Corporation Executive Co-Chairperson/Co-CEO, and Wende Kotouc, American National Bank Co-Chairperson/Co-CEO in a joint statement. "We are confident that this partnership will enhance the value and capabilities of our trusted banking services. Our teams will continue to provide the convenient, local, dependable and personalized service that our clients have enjoyed for decades."

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 November 28, 2025. The Boards of Directors of both Associated and American National have unanimously approved the transaction. American National's two primary shareholders, who together own 99% of American National, have voted to approve the transaction and have entered into transfer, voting and registration rights agreements. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions including the receipt of regulatory approvals.

Evercore served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to Associated in this transaction. Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal advisor to American National in this transaction.