Overview
- Associated would enter Nebraska and Iowa and deepen its Minnesota presence by adding American National’s 33 branches concentrated in Omaha and the Twin Cities.
- The acquisition brings approximately $5.3 billion in assets and would lift Associated’s total assets to about $50 billion, including a top‑two deposit position in the Omaha metro.
- American National shareholders will receive 36.250 shares of Associated stock for each American National share, valuing the deal off Associated’s $26.29 closing price on November 28, 2025.
- The boards of both companies unanimously approved the agreement, and American National’s two primary shareholders, who own 99% of the company, have executed supporting agreements.
- Upon closing, American National co‑CEO Wende Kotouc will join Associated’s board, and co‑CEO John Kotouc will transition to a consultant role.