Associated Banc-Corp Completes Acquisition of American National Corporation

Major Strategic Move Accelerates Growth in Key Midwest Markets

Associated Banc-Corp (NYSE: ASB) has announced the completion of its merger with American National Corporation, including its subsidiary American National Bank. This significant acquisition marks a pivotal moment for Associated, positioning the company for enhanced organic growth and expansion of its commercial offerings. The merger is designed to leverage Associated’s robust value proposition and digital banking capabilities, combined with American National’s client-centric approach and established footprint, particularly in attractive markets like Omaha and the Twin Cities.

Key Highlights for Investors

• Record Performance in 2025: Associated Banc-Corp achieved relationship loan and deposit growth, record customer growth, and solid credit performance, culminating in the strongest annual net income in company history.
• Enhanced Growth Potential: The merger is expected to accelerate momentum with an expanded product suite, modern digital banking experience, and an effective marketing acquisition engine.
• Market Expansion: The combined entity will focus on deepening relationships in key growth markets such as Omaha and the Twin Cities, leveraging expanded commercial capabilities.
• Integration Timeline: American National systems, branch locations, and customers will be converted to Associated Bank in Q3 2026. Branches will be rebranded as Associated Bank once conversion is complete.
• Leadership Addition: Wende Kotouc, former Executive Co-Chairperson and CEO of American National Bank, has joined Associated Banc-Corp’s Board of Directors effective April 1, 2026. Kotouc brings extensive banking and community leadership experience.

Shareholder-Relevant and Price Sensitive Information

• Synergies and Value Creation: The merger is expected to deliver enhanced value for shareholders through expanded scale, shared expertise, and the potential for increased profitability.
• Conversion Risks: Integration risks include the possibility that anticipated benefits may not be realized as expected, and conversion costs may be higher than anticipated.
• Regulatory and Economic Risks: Associated has issued a cautionary note regarding forward-looking statements. Risks include changes in economic conditions, regulatory requirements, interest rate movements, deposit outflows, and cybersecurity concerns, all of which could materially affect future results.
• Potential for Increased Regulatory Costs: Bank failures and volatility could result in increased FDIC assessments, capital requirements, and other regulatory costs, impacting profitability.
• Market Perception: Unexpected losses in the investment portfolio or negative social media coverage may lead to deposit withdrawals or adverse market perceptions, potentially pressuring the stock price.
• Ongoing Integration: Both organizations are working closely to facilitate a smooth integration, which will be closely monitored by investors for execution risk.

About Associated Banc-Corp

Associated Banc-Corp, based in Green Bay, Wisconsin, has approximately \$50 billion in assets and is the largest bank holding company headquartered in Wisconsin. It operates over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, with loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender, and member FDIC.

Cautionary Note on Forward-Looking Statements

The company has provided a cautionary note that forward-looking statements are subject to numerous risks and uncertainties. These include economic, political, industry-specific, and regulatory factors, as well as integration and execution risks related to the merger. Investors should exercise caution and consult the latest SEC filings and financial reports for additional information.

Disclaimer: This article is intended for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult with their financial advisors before making any investment decisions. Associated Banc-Corp assumes no obligation to update forward-looking statements except as required by law.

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