Associated Banc-Corp to Acquire American National Corporation in $604M All-Stock Merger

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This filing details the definitive merger agreement for Associated Banc-Corp to acquire American National Corporation. The all-stock transaction, valued at approximately $604 million, represents a substantial strategic move for Associated Banc-Corp, expanding its asset base by approximately $5.3 billion. While the issuance of new shares will result in dilution for existing Associated Banc-Corp shareholders, with former American National shareholders owning about 12% of the combined entity, the merger is intended to qualify as a tax-free reorganization. The deal is subject to regulatory approvals and is expected to close in Q2 2026. The appointment of a key executive from American National to Associated's board indicates a focus on integration and leveraging acquired talent.

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• Acquisition Agreement

  Associated Banc-Corp will acquire American National Corporation for approximately $604 million in an all-stock transaction.

• Merger Consideration

  Each share of American National common stock will be converted into 36.250 shares of Associated Banc-Corp common stock.

• Post-Merger Ownership

  Existing Associated Banc-Corp shareholders will own approximately 88% of the combined company, with former American National shareholders owning about 12%.

• Leadership Integration

  Wende Kotouc, Executive Co-Chairman and CEO of American National Bank, will be appointed to Associated Banc-Corp's board of directors.

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This filing details the definitive merger agreement for Associated Banc-Corp to acquire American National Corporation. The all-stock transaction, valued at approximately $604 million, represents a substantial strategic move for Associated Banc-Corp, expanding its asset base by approximately $5.3 billion. While the issuance of new shares will result in dilution for existing Associated Banc-Corp shareholders, with former American National shareholders owning about 12% of the combined entity, the merger is intended to qualify as a tax-free reorganization. The deal is subject to regulatory approvals and is expected to close in Q2 2026. The appointment of a key executive from American National to Associated's board indicates a focus on integration and leveraging acquired talent.