The parent company of Associated Bank will acquire Nebraska-based American National Bank’s parent company in a roughly $604 million all-stock deal, the companies announced Monday.
The move will broaden Green Bay-based Associated’s reach across the Midwest by strengthening its position in the Twin Cities and expanding into Nebraska and Iowa, the announcement says. Both companies’ boards of directors approved the deal, which is expected to close in 2026.
Associated Bank says it’s the largest bank headquartered in Wisconsin. It has almost 200 branches in 100 communities in Wisconsin, Illinois, Minnesota and Missouri. American National has 33 branches in Nebraska, Minnesota and Iowa.
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On a call with investors Monday, Associated Banc-Corp. CEO Andy Harmening said the merger is a “natural fit” because both Midwestern companies have “cultural similarities” and roots that date back to the mid-1800s.
“We both have a customer-centric approach to decision making, segmentation and operating systems,” Harmening said. “We both care deeply about supporting and uplifting the communities we serve.”
He also said American National co-CEO Wende Kotouc will join Associated’s board of directors after the deal closes.
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