Green Bay, Wis.-based Associated Banc-Corp is acquiring Omaha-based American National Corporation for more than $600 million. .The all-stock deal is expected to close in the second quarter of next year. The deal will make Associated the No. 2 bank in deposit share in the Omaha market and No. 10 bank in the Minneapolis-St. Paul market. The $5.3 billion American National operates nearly three-dozen branches across Nebraska, Iowa and Minnesota, including a half-dozen in the Twin Cities and 15 in Omaha. As of Sept. 30, the bank had $4.7 billion in deposits and $3.8 billion in loans. The $41 billion Associated Bank is the largest Wisconsin-based bank in asset size and has nearly 200 branches in Wisconsin, Illinois, Minnesota and Missouri. Associated President and CEO Andy Harmening said the merger aligns with the bank’s growth strategy by deepening its footprint in the Twin Cities, establishing a new presence in Omaha and broadening its reach across the Midwest. Leaders at American National predicted the partnership will ensure local, personalized service.Investment bank Evercore and New York City-based Wachtell, Lipton, Rosen & Katz advised Associated, while Minneapolis-based investment bank Piper Sandler and Atlanta-based law firm Alston & Bird represented American National.
