Associated Banc-Corp of Wisconsin has announced a definitive agreement to acquire Omaha-based American National Bank in an all-stock transaction valued at approximately $604 million. The merger is set to significantly alter the banking landscape in the Omaha market, creating a new major player in the region.
The deal, confirmed on Monday, marks a strategic expansion for Green Bay-based Associated Banc-Corp and will position the combined entity as the second-largest bank in Omaha by deposit share. The boards of both companies have unanimously approved the agreement, with the transaction expected to be finalized in the second quarter of next year.
Key Takeaways
- Associated Banc-Corp will acquire American National Bank in an all-stock deal valued at around $604 million.
- The merger will make the combined bank the No. 2 financial institution in the Omaha market based on deposit share.
- American National Bank customers will see no immediate changes to their accounts, cards, or branch access.
- The deal is expected to close in the second quarter of 2026, pending regulatory approvals.
A Major Shift in Midwestern Banking
The acquisition represents a significant strategic move for Associated Banc-Corp, extending its footprint into key Midwestern markets. American National Bank, a long-standing institution in Nebraska, operates 33 branches across Nebraska, Iowa, and Minnesota.
Founded in 1856 as The Bank of Florence, American National has grown into a formidable regional bank. As of September 30, 2025, the bank reported substantial financial holdings that made it an attractive target for expansion.
American National Bank by the Numbers
- Total Assets: $5.3 billion
- Total Loans: $3.8 billion
- Total Deposits: $4.7 billion
Data as of September 30, 2025.
This merger is part of a broader trend of consolidation within the regional banking sector, where larger institutions seek to gain market share and operational efficiencies by acquiring well-established local banks. For Associated Banc-Corp, this deal provides immediate and significant entry into the competitive Omaha market.
Details of the $604 Million Transaction
The agreement is structured as an all-stock transaction. Under the terms of the deal, shareholders of American National Bank will receive 36.250 shares of Associated Banc-Corp common stock for each share of American National Bank common stock they own. This exchange ratio forms the basis of the $604 million valuation.
The transaction will see American National’s banking subsidiary, American National Bank, merge directly into Associated’s subsidiary, Associated Bank, N.A. This integration will eventually bring all operations under the Associated Bank brand.
Understanding All-Stock Transactions
In an all-stock deal, the acquiring company uses its own stock as currency to purchase another company, rather than paying with cash. This allows shareholders of the acquired company to become shareholders in the new, larger entity, giving them a stake in its future growth.
While the combined company's headquarters will remain in Green Bay, Wisconsin, leadership has confirmed that a significant executive presence will be maintained in Omaha. This move aims to retain local market expertise and ensure a smooth transition for both employees and clients. The future of American National's current headquarters at 90th and Dodge in Omaha is still being determined.
What This Means for Bank Customers
For the thousands of individuals and businesses who bank with American National, the transition is designed to be seamless. Bank officials have emphasized that there will be no immediate disruption to services.
Customers can continue to use their existing services as usual, including:
- Visiting their current branch locations.
- Using their existing checks and debit cards.
- Accessing online and mobile banking platforms without interruption.
In the long term, the merger is expected to provide American National customers with access to a broader suite of financial products and services. Associated Banc-Corp offers a more extensive range of resources, including wealth management, specialized commercial lending, and advanced digital banking tools.
"Clients can continue to visit existing branches and use their checks, debit cards and digital banking services as normal. American National promises the deal will eventually give customers access to a wider range of resources while still keeping local service."
Both banks have encouraged clients with questions to speak directly with their local banker or a member of their support team for personalized information.
A Strategic Move for Market Dominance
The acquisition is a calculated step in Associated Banc-Corp's long-term growth strategy. By absorbing American National's $4.7 billion in deposits, Associated immediately becomes the second-largest bank in the Omaha metropolitan area. This provides a strong foundation for further growth in a thriving economic hub.
Gaining a significant foothold in Nebraska, Iowa, and Minnesota through American National's established branch network allows Associated to diversify its geographic presence and reduce its reliance on its home market in Wisconsin.
The deal has already received the necessary approvals from the boards of directors of both companies. The final step is securing regulatory approval, which is anticipated to proceed without issue, paving the way for a closing in the second quarter of 2026.
This merger reflects a strategic decision to combine the local trust and community focus of American National with the scale and resource depth of Associated Banc-Corp, creating a more competitive institution poised for future success in the Midwest.
