In an effort to expand its influence throughout the Midwest, Associated Banc-Corp has announced a significant acquisition. The Green Bay-based parent company of Associated Bank will take over American National Bank’s parent company in a transaction valued at approximately $604 million, consisting entirely of stock. The companies revealed this plan on Monday.
This strategic move is set to bolster Associated Bank’s presence in the Twin Cities and facilitate its expansion into Nebraska and Iowa. The boards of directors for both companies have approved the merger, which is anticipated to finalize in 2026.
Currently, Associated Bank stands as Wisconsin’s largest bank, operating nearly 200 branches across 100 communities in Wisconsin, Illinois, Minnesota, and Missouri. In contrast, American National maintains 33 branches within Nebraska, Minnesota, and Iowa.
During a conference call with investors on Monday, Associated Banc-Corp CEO Andy Harmening emphasized the synergy between the two institutions. He described the merger as a “natural fit,” highlighting their shared cultural values and long-standing histories dating back to the mid-1800s.
Harmening stated, “We both have a customer-centric approach to decision making, segmentation and operating systems. We both care deeply about supporting and uplifting the communities we serve.”
Following the completion of the deal, American National co-CEO Wende Kotouc is expected to join the board of directors at Associated Bank.
