Green Bay, Wis.-based Associated Banc-Corp and Omaha-based American National Corp. have entered into a definitive agreement under which American National will merge into Associated. 

American National’s bank subsidiary, American National Bank, will also merge into Associated’s bank subsidiary, Associated Bank, N.A.

Associated and American National have served Midwest communities with roots tracing back to 1861 and 1856, respectively. 

Associated Bank N.A. is the largest bank headquartered in Wisconsin with nearly 200 branches serving over 100 communities across Wisconsin, Illinois, Minnesota and Missouri. 

American National Bank operates 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the 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.

As a result of this partnership, Associated will become the No. 2 bank in the Omaha MSA and the No. 10 bank in the Minneapolis/St. Paul MSA by deposit market share.

“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,” Associated Banc-Corp President and CEO Andy Harmening said in a news release.

Under the terms of the merger agreement, American National shareholders will receive 36.250 shares of Associated stock for each share of American National stock. The all-stock, fixed exchange ratio transaction is valued at $604 million based on Associated’s closing price of $26.29 as of Nov. 28. The boards of directors of both Associated and American National have unanimously approved the transaction. American National’s two primary shareholders, who together own 99% of American National, have voted to approve the transaction. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions including regulatory approvals.