Associated Bank acquires Omaha-based bank in $604M, all

Associated Bank 's parent company will acquire the privately-held parent company of American National Bank in an all-stock deal estimated to be worth more than $600 million.

Associated Banc-Corp. on Dec. 1 announced it will merge with Omaha-based American National Corp. in a move that will expand Associated's footprint into Nebraska and Iowa and add to its branch count in the Twin Cities market.

Terms of the deal call for American National shareholders, two of whom own 99% of the company, to receive 36.25 shares of Associated Bank stock for every one share of American National they own. Associated Bank stock closed at $26.29 per share on Nov. 28, putting the deal's value at about $604 million.

Those two shareholders have voted to approve the deal, as have both banks' boards of dire