Associated Banc-Corp and American National Corp. have entered into a definitive merger agreement valued at approximately $604 million, according to a joint announcement by the organizations.
As part of the agreement, American National’s bank subsidiary, American National Bank, will also merge into Associated’s bank subsidiary, Associated Bank, N.A., according to a press release. The institutions have roots dating back to 1861 and 1856, respectively.
Associated Bank N.A. is the largest bank headquartered in Wisconsin and has nearly 200 branches in more than 100 communities across Wisconsin, Illinois, Minnesota and Missouri.
American National Bank is headquartered in Nebraska and 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, American National reported total assets of $5.3 billion, total loans of $3.8 billion and total deposits of $4.7 billion.
Upon completion, the merger will make Associated the second-largest bank in the Omaha Metropolitan Statistical Area (MSA) and the 10th-largest bank in the Minneapolis/St. Paul MSA by deposit market share.
“We’re excited for the opportunity to welcome American National clients, team members and communities to Associated,” Associated Banc-Corp President and CEO Andy Harmening said in the release. “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.”
American National Corp. Executive Co-Chairperson and Co-CEO John Kotouc and American National Bank Co-Chairperson and Co-CEO Wende Kotouc released this joint statement about the merger:
“Our organizations share a long history of success supporting client and community growth across the Midwest. 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.”
The merger agreement received unanimous approval from the boards of directors of both institutions. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including the receipt of regulatory approvals.