Officials with Associated Banc-Corp said they are accelerating the company’s growth strategy through their acquisition of American National Corporation.
The two companies announced they have entered into a definitive agreement under which American National, including its subsidiary American National Bank, will merge into Associated. American National Bank will be merged into Associated’s bank subsidiary, Associated Bank, N.A.
“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. “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.”
Both companies have served the Midwest since the mid-1800s, with American National originating in 1856, and Associated originating in 1861. Headquartered in Green Bay, WI, Associated is the largest bank headquartered in Wisconsin and serves more than 100 communities across Wisconsin, Illinois, Minnesota and Missouri. American National, headquarters in Omaha, Nebraska, operates 33 branches across Nebraska, Minnesota and Iowa. The merger will make Associated the #2 bank in the Omaha MSA and #10 bank in the Minneapolis/St. Paul MSA when ranked by deposit market share.
“Our organizations share a long history of success supporting client and community growth across the Midwest,” John Kotouc, American National Corporation Executive Co-Chairperson/Co-CEO, and Wende Kotouc, American National Bank Co-Chairperson/Co-CEO, said 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.”
As part of the agreements, American National shareholders will receive 36.250 shares of Associated stock for each share of American National stock. The boards of directors for both organizations have approved the transaction, and it is expected to close in the second quarter of 2026 subject to closing conditions and regulatory approvals.