Overview
- American National shareholders will receive 36.250 Associated shares per share, valuing the deal off Associated’s November 28 closing price of $26.29.
- Both boards approved the agreement, and American National’s two primary shareholders holding 99% have signed transfer, voting and registration rights agreements.
- The acquisition brings 33 branches and $5.3 billion in assets, positioning Associated as No. 2 by deposits in Omaha and No. 10 in the Minneapolis–St. Paul market.
- Associated projects a combined balance sheet near $50 billion in assets, as CEO Andy Harmening frames the move as a targeted complement to the bank’s organic growth strategy in a busy year for bank M&A.
- Post-close plans include Wende Kotouc joining Associated’s board and John Kotouc serving as a consultant, with Evercore and Wachtell advising Associated and Piper Sandler and Alston & Bird advising American National.