Associated Bank buying American National Bank
Associated Bank announced a $604 million deal to acquire American National Bank, adding six Twin Cities branches and bringing its metro footprint to 24 locations. The merger will elevate Associated Bank’s ranking among the region’s largest banks and expands its presence across the Minneapolis–Saint Paul market.
📌 Key Facts
- Deal value: $604 million
- Adds 6 Twin Cities branches, taking total to 24 in the metro
- Move pushes Associated Bank up in rankings of largest Twin Cities banks
📊 Relevant Data
As of June 30, 2024, Associated Bank was the 12th-largest bank in the Twin Cities with $2.66 billion in local deposits.
Associated Bank expands Twin Cities HQ — Milwaukee Business Journal
Following the acquisition, Associated Bank will become the #10 bank in the Minneapolis / St. Paul MSA by deposit market share.
Associated Banc-Corp to accelerate growth strategy with acquisition of American National Corporation — Associated Bank Newsroom
The Twin Cities banking market is top-heavy, with the top two banks holding approximately 62% of the deposit market share.
3Q24 Investor Presentation — Associated Banc-Corp
The population of the Minneapolis-St. Paul-Bloomington MSA increased from 3,346,859 in 2010 to 3,690,261 in 2020, representing a growth of about 10.3%.
Minneapolis–Saint Paul — Wikipedia
As of 2024, the resident population of the Minneapolis-St. Paul-Bloomington, MN-WI MSA is 3,757,952.
Resident Population in Minneapolis-St. Paul-Bloomington, MN-WI (MSA) — FRED Economic Data