Associated Banc-Corp dips after $604 million deal for American National

Associated Banc-Corp

01/12/2025 16:02

** Shares of regional lender Associated Banc-Corp ASB.N fall as much as 1.2%; last down 0.6% at $25.89

** ASB will buy smaller rival American National in a $604 million all-stock deal, expanding into the Omaha market and strengthening its foothold in the Twin Cities and across the Midwest

** "We see the potential for modest underperformance as ASB loses any take-out premium assumed in the price," Stephens analyst Terry McEvoy says

** Two of 10 brokerages rate the stock "buy" and eight "hold"; median PT $29 - data compiled by LSEG

** As of last close, ASB up 9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))