Associated Banc-Corp is set to acquire American National for up to $604m, expanding its Midwest presence. American National’s banking subsidiary will merge with Associated Bank, with shareholders receiving 36.250 shares of Associated’s stock for each American National share. The deal, approved by both boards, is expected to close in Q2 2026.

The transaction value is based on Associated’s closing price of $26.29 as of November 28, 2025. American National’s primary shareholders, owning 99% of the company, have also approved the deal. The acquisition will deepen Associated’s presence in the Twin Cities and Omaha markets, strengthening its reach across the Midwest.

American National operates 33 offices across Nebraska, Minnesota, and Iowa, focusing on the Greater Omaha and Minneapolis/St. Paul areas. With total assets of $5.3bn, loans of $3.8bn, and deposits of $4.7bn as of September 30, 2025. Associated Bank, based in Green Bay, Wisconsin, operates nearly 200 branches across four states.

Evercore was the financial advisor, and Wachtell, Lipton, Rosen & Katz the legal advisor to Associated. Piper Sandler & Co. served as financial advisor, and Alston & Bird as legal advisor to American National. Executives from both companies expressed excitement about the partnership, aiming to enhance banking services for clients and communities in the Midwest.

Read more at Yahoo Finance: Associated Banc-Corp to acquire American National for $604m