Associated Bank in its $604 million acquisition of American National Bank

On December 1, 2025, Associated Banc-Corp (NYSE: ASB) and American National Corporation jointly announced that they have entered into a definitive agreement under which American National will merge into Associated.  The transaction will create a leading Midwest franchise with approximately $50 billion in assets and $40 billion in deposits.  The all-stock transaction is valued at approximately $604 million based on Associated’s closing price as of November 28, 2025.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Associated.