Associated Banc-Corp to acquire American National Corp for ~$604M in stock

ASSOCIATED BANC-CORP

All-stock deal valued at ~$604M based on ASB closing price of $26.29 on Nov 28, 2025.
American National shareholders receive 36.25 ASB shares per share; ~99% of shareholders already voted to approve.
American National has $5.3B assets, $3.8B loans, $4.7B deposits as of Sept 30, 2025; operates 33 branches in NE, MN, IA.
Transaction expected to close Q2 2026, subject to regulatory approvals; Associated becomes #2 in Omaha MSA, #10 in Minneapolis.
Boards of both companies unanimously approved; Evercore and Wachtell advised ASB; Piper Sandler and Alston & Bird advised American National.

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