Associated Banc-Corp agrees to merge with American National Corporation in stock deal
On November 30, 2025, Associated Banc-Corp entered into a merger agreement under which American National Corporation will merge into Associated, with American National shareholders receiving 36.250 Associated shares for each of their shares. The deal requires regulatory approvals from the Federal Reserve and the Office of the Comptroller of the Currency, and shareholders would own a share of the combined company's stock rather than cash.
Key points
- Exchange ratio: each American National share converts into 36.250 Associated common shares, with cash paid for fractional shares
- Merger has not been consummated by November 30, 2026 gives either party a termination right, unless the date is amended
- Wende Kotouc, Executive Co-Chairman and CEO of American National Bank, is to join Associated's board at closing
- Transfer restrictions bar sales in the first 60 days after closing and limit public sales to 150,000 shares per day through the first anniversary
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 04, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.