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Associated Banc-Corp (ASB) investor relations material
Associated Banc-Corp M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary1 Dec, 2025
Deal rationale and strategic fit
Merger expands presence in Omaha and the Twin Cities, achieving #2 and #10 deposit market share ranks, and aligns with a strategy to build a high-performing, diversified Midwestern banking franchise.
Enhances Midwest scale, with 76% of pro forma deposits in the 10 largest Upper Midwest MSAs.
Adds over 79,000 customer deposit accounts and complements commercial and auto lending businesses.
Both organizations share strong cultural alignment, conservative credit cultures, and a focus on community engagement.
Broadens reach and capabilities for clients across Wisconsin, Illinois, Minnesota, Missouri, Nebraska, and Iowa.
Financial terms and conditions
All-stock transaction with a fixed exchange ratio: 36.25 shares of Associated stock for each share of American National.
Total deal value is approximately $604 million, representing 1.14x tangible book value and 9.2x 2026 estimated earnings (6.8x with cost synergies).
Associated shareholders will own 88% and American National shareholders 12% of the combined company.
Boards of both companies unanimously approved; two primary shareholders (owning 99%) have voted in favor.
Transaction expected to close in Q2 2026, subject to regulatory approvals and customary conditions.
Synergies and expected cost savings
Cost savings of 25% ($29.2 million) of American National's expense base, with 50% realized in 2026 and 100% thereafter.
EPS accretion expected in 2027, with a modest tangible book value dilution of 1.2% and a 2.25-year earnback period.
Pro-forma IRR of 24% and CET1 capital enhancement by five basis points at closing.
Revenue synergies identified, especially in private wealth and consumer banking, but not modeled.
What unique aspects of Omaha make it a key market?
Elaborate on the credit mark's conservative approach.
How will Associated's product set enhance Omaha?
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Next Associated Banc-Corp earnings date
Q4 202523 Jan, 2026
Next Associated Banc-Corp earnings date
Q4 202523 Jan, 2026
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Frequently asked questions
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses through its subsidiary bank, Associated Bank, Wisconsin's third largest community bank. The company offers an array of loan products, such as mortgage loans, home equity loans, lines of credit, construction loans, commercial real estate loans, consumer/revolving credit loans and automobile loans to individuals. It also provides checking accounts; savings accounts; certificates of deposit; ATM services; letters of credit; money market accounts; trust services; income tax preparation services; mobile banking services; internet banking services; electronic bill payment services; safe-deposit box services; and business banking solutions. Associated Banc-Corp is based in Green Bay, Wisconsin.
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