American National to merge into Associated Banc-Corp

Associated Banc-Corp (ASB) and American National Corporation jointly announced that they 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. 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 approximately $604 million based on Associated’s closing price of $26.29 as of November 28, 2025. 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 and have entered into transfer, voting and registration rights agreements. The transaction is expected to close in the second quarter of 2026 subject to customary closing conditions including the receipt of regulatory approvals.