Associated Banc-Corp Completes Acquisition of American National Corporation, Accelerating Growth Momentum in Attractive Markets
Rhea-AI Summary
Associated Banc-Corp (NYSE: ASB) completed its merger with American National Corporation on April 1, 2026, adding American National Bank and appointing Wende Kotouc to Associated's board.
The conversion of American National systems, branches and customers to Associated is planned for third quarter 2026, targeting expanded presence in Omaha and the Twin Cities and aiming to accelerate recent franchise momentum.
Positive
- Merger completed with American National effective April 1, 2026
- Branch conversion scheduled for third quarter 2026
- Board addition of Wende Kotouc, effective April 1, 2026
- Expanded footprint into Omaha and the Twin Cities markets
- Builds on 2025 momentum including record customer growth and strongest annual net income
Negative
- None.
News Market Reaction – ASB
In the Apr 1 session, ASB gained 1.20%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Regulatory approvals | Positive | -0.4% | All required regulatory approvals received to complete American National acquisition. |
| Dec 01 | Acquisition announcement | Positive | -1.7% | Agreed all-stock merger to acquire American National and expand key markets. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent acquisition-related headlines for ASB have been followed by modest negative price reactions despite constructive strategic messaging.
Over the past months, ASB has advanced a multi-step acquisition of American National. On Dec 01, 2025, it announced the all-stock deal, with a -1.71% next-day move. After regulatory approvals on Mar 12, 2026, shares slipped 0.36%. Today’s completion of the merger and integration timeline into the third quarter of 2026 continues that progression from announcement, through approvals, to closing.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Wende Kotouc added to Associated Banc-Corp Board of Directors
The merger builds on a strong 2025 for Associated, which saw relationship loan and deposit growth, record customer growth, and solid credit performance combine to drive the strongest annual net income in company history. Upon conversion, the combined company will be positioned to accelerate that momentum with a proven, relationship-focused strategy featuring a dynamic product suite, modern digital banking experience, effective marketing acquisition engine, and expanded commercial capabilities—all designed to grow and deepen relationships in key growth markets such as
"We're thrilled to welcome our new American National customers and colleagues to Associated," said Associated Banc-Corp President & CEO Andy Harmening. "Associated has strong growth momentum as a franchise, and this partnership complements and accelerates that momentum while maintaining the same local, dependable, and personalized approach that customers of both companies have enjoyed for decades. Importantly, the merger also positions us to deliver enhanced value for our shareholders."
American National systems, branch locations and customers are expected to be converted to Associated in the third quarter of 2026. American National customers will continue to be serviced through their existing branches, which will be rebranded as Associated Bank branches once conversion is complete.
"Colleagues from both organizations continue to work closely together to facilitate a smooth and successful integration," said Harmening. "I'd like to thank John and Wende Kotouc and the American National team for their collaboration and commitment to the future of our combined company."
"We share our new colleagues' excitement for the future of our united institution," said John Kotouc, American National Corporation Executive Co-Chairperson/Co-CEO, and Wende Kotouc, American National Bank Executive Co-Chairperson/Co-CEO in a joint statement. "This merger with Associated Bank enables American National to create even greater value for its customers through expanded scale and shared expertise."
In connection with the merger, Associated announced the appointment of Wende Kotouc to its Board of Directors effective today.
Ms. Kotouc, 63, served as Executive Co-Chairperson and Chief Executive Officer of American National Bank and Executive Vice President of American National from July 2019 to April 2026 and as Executive Co-Chairperson of American National Bank's Board of Directors from May 2017 to April 2026. Ms. Kotouc was also a member of American National's Board of Directors from May 2013 to April 2026, and she was originally hired by American National in October of 1999. Ms. Kotouc has a long history of community engagement and leadership, including current service on the Omaha Airport Authority Board of Directors, Creighton University Board of Trustees, The Salvation Army Omaha Board of Directors, Executive Committee and Christ Community Church Governing Board.
"We're extremely pleased to have Wende join our board," said Associated Chairman Jay Williams.
"Wende brings an extraordinary depth and breadth of knowledge to our board," added Harmening. "Her unique skillset and well-rounded experience will benefit Associated as we continue to execute our strategic growth plans."
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of approximately
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Associated and American National, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as "expect," "seek," "anticipate," "continue," "believe," "intend," "estimate," "project," "will," "would," "plan," "trend," "objective," "target," "outlook," "forecast," "goal," or similar expressions, or future or conditional verbs such as "will," "may," "might," "should," "would," "could," or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Associated cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Associated's and American National's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in
All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Associated does not assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Associated updates one or more forward-looking statements, no inference should be drawn that Associated will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Media Contact: Andrea Kozek
Vice President | Public Relations Senior Manager
920-491-7518 | Andrea.Kozek@AssociatedBank.com
Investor Contact: Ben McCarville
Senior Vice President | Director of Investor Relations
920-491-7059 | Ben.McCarville@AssociatedBank.com
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SOURCE Associated Banc-Corp