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Acquisition expected to deliver 25% cost savings and be 2% accretive to 2027 EPS.
Associated Banc-Corp (ASB - Free Report) completed the previously announced acquisition of American National Corporation. In connection with the merger, ASB also announced the appointment of Wende Kotouc, co-CEO and co-chairperson of American National Bank, to its board of directors, effective April 1, 2026.
In December 2025, ASB entered the all-stock deal to buy American National Corporation and its wholly-owned subsidiary, American National Bank, for $604 million.
Last month, ASB received the regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System for the acquisition.
American National, headquartered in Omaha, NE, operates 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis/St. Paul metro markets.
ASB-American National Deal Details
At the time of the deal announcement, it was decided that Associated Banc-Corp would pay $26.29 per share for each share of American National.
It was anticipated that the combined entity would have $50 billion in total assets, $35 billion in total loans and $40 billion in total deposits.
The acquisition is expected to improve ASB’s deposit mix through low-cost deposits and add more than 79,000 customer deposit accounts to its client base. It is also expected to strengthen the bank’s Midwest scale, with 76% of pro-forma deposits in the 10 largest markets across the Upper Midwest. Further, it is expected to enhance the liquidity profile of ASB with a pro-forma loan-to-deposit ratio of 88%.
In December, it was anticipated that ASB would benefit from cost savings of 25% (roughly $29 million) of American National’s 2025 non-interest expenses, 50% of which will be phased in 2026 and the rest will be realized thereafter.
The deal is anticipated to be 2% accretive to ASB’s 2027 earnings per share, assuming the execution of cost savings. The company projects a common equity tier 1 capital accretion of 5 basis points at closing and a 24% internal rate of return.
Conclusion
The acquisition of American National aligns with phase 2 of ASB’s strategic plan, announced in 2023 and completed in March 2025, to improve operating efficiency and bolster its balance sheet. The plan focused on driving growth through customer acquisition and deepening relationships.
Phase 1 of the plan (announced in 2021) has already resulted in growth of ASB’s lending capabilities. It will continue to support core business growth and transform digital capabilities.
ASB’s Price Performance & Zacks Rank
Shares of Associated Banc-Corp have gained 30.7% in the past year compared with the industry’s growth of 15%.
In January 2026, Pinnacle Financial Partners, Inc. (PNFP - Free Report) completed its previously announced all-stock merger with Synovus Financial Corporation, valued at $8.6 billion. Following completion, Pinnacle shareholders own 51.5% of the combined company, while Synovus shareholders hold 48.5%.
The transaction resulted in a single bank holding company operating under the name Pinnacle Financial Partners, with Pinnacle Bank serving as the surviving bank following the merger of Synovus Bank.
The merger created one of the largest and fastest-growing regional banking platforms in the United States. It combined Pinnacle’s relationship-driven hiring and client service model with Synovus’ established franchise, deep talent pool and operational capabilities.
Commerce Bancshares, Inc. (CBSH - Free Report) also completed the all-stock deal to acquire FineMark Holdings, which was announced in June 2025. The operational system conversion required for full integration is expected to take place in the second half of 2026.
With the transaction now closed, CBSH is positioned to meaningfully expand its private banking and wealth management franchise. The acquisition strengthens Commerce Bancshares’ existing footprint in Florida, while extending its presence into new high-growth markets, including Arizona and South Carolina.
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ASB Completes American National Deal, Boosts Midwest Scale
Key Takeaways
Associated Banc-Corp (ASB - Free Report) completed the previously announced acquisition of American National Corporation. In connection with the merger, ASB also announced the appointment of Wende Kotouc, co-CEO and co-chairperson of American National Bank, to its board of directors, effective April 1, 2026.
In December 2025, ASB entered the all-stock deal to buy American National Corporation and its wholly-owned subsidiary, American National Bank, for $604 million.
Last month, ASB received the regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System for the acquisition.
American National, headquartered in Omaha, NE, operates 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis/St. Paul metro markets.
ASB-American National Deal Details
At the time of the deal announcement, it was decided that Associated Banc-Corp would pay $26.29 per share for each share of American National.
It was anticipated that the combined entity would have $50 billion in total assets, $35 billion in total loans and $40 billion in total deposits.
The acquisition is expected to improve ASB’s deposit mix through low-cost deposits and add more than 79,000 customer deposit accounts to its client base. It is also expected to strengthen the bank’s Midwest scale, with 76% of pro-forma deposits in the 10 largest markets across the Upper Midwest. Further, it is expected to enhance the liquidity profile of ASB with a pro-forma loan-to-deposit ratio of 88%.
In December, it was anticipated that ASB would benefit from cost savings of 25% (roughly $29 million) of American National’s 2025 non-interest expenses, 50% of which will be phased in 2026 and the rest will be realized thereafter.
The deal is anticipated to be 2% accretive to ASB’s 2027 earnings per share, assuming the execution of cost savings. The company projects a common equity tier 1 capital accretion of 5 basis points at closing and a 24% internal rate of return.
Conclusion
The acquisition of American National aligns with phase 2 of ASB’s strategic plan, announced in 2023 and completed in March 2025, to improve operating efficiency and bolster its balance sheet. The plan focused on driving growth through customer acquisition and deepening relationships.
Phase 1 of the plan (announced in 2021) has already resulted in growth of ASB’s lending capabilities. It will continue to support core business growth and transform digital capabilities.
ASB’s Price Performance & Zacks Rank
Shares of Associated Banc-Corp have gained 30.7% in the past year compared with the industry’s growth of 15%.
Image Source: Zacks Investment Research
Currently, ASB carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Acquisitions by Other Finance Companies
In January 2026, Pinnacle Financial Partners, Inc. (PNFP - Free Report) completed its previously announced all-stock merger with Synovus Financial Corporation, valued at $8.6 billion. Following completion, Pinnacle shareholders own 51.5% of the combined company, while Synovus shareholders hold 48.5%.
The transaction resulted in a single bank holding company operating under the name Pinnacle Financial Partners, with Pinnacle Bank serving as the surviving bank following the merger of Synovus Bank.
The merger created one of the largest and fastest-growing regional banking platforms in the United States. It combined Pinnacle’s relationship-driven hiring and client service model with Synovus’ established franchise, deep talent pool and operational capabilities.
Commerce Bancshares, Inc. (CBSH - Free Report) also completed the all-stock deal to acquire FineMark Holdings, which was announced in June 2025. The operational system conversion required for full integration is expected to take place in the second half of 2026.
With the transaction now closed, CBSH is positioned to meaningfully expand its private banking and wealth management franchise. The acquisition strengthens Commerce Bancshares’ existing footprint in Florida, while extending its presence into new high-growth markets, including Arizona and South Carolina.