July 25, 2012: Western Bank to Become a Wholly Owned Subsidiary of American National Corporation
* St. Paul based Western Bank to become a wholly owned subsidiary of American National Corporation
(ANC), a bank holding company headquartered in Omaha, Nebraska.
* Western Bank will continue to operate as a separately charted, independent bank in its market.
* The transaction is expected to close in September, 2012.
St. Paul, MN, July 25, 2012 - Western Bank (St. Paul, MN) and American National Corporation (ANC) jointly announced today that a definitive agreement has been reached that Western Bank will become a wholly owned subsidiary of ANC, a bank holding company headquartered in Omaha, Nebraska. Western Bank will continue to operate as a separately chartered bank. The transaction is expected to close in September 2012. Julie Sands Causey, Chairman of Western Bank will join the ANC Board of Directors. ANC also owns American National Bank, headquartered in Omaha. Both banks will operate within their respective markets as independent banks under the ANC holding company. With combined assets of $2.5 billion, American National will provide an already strong Western Bank with the infrastructure of products, technology and lending strength to support growth and expansion within the Twin Cities market. Customers will receive the same great service they have come to know and expect.
"It's business as usual, except with more products, technology and capacity to provide our customers an even better banking experience,â€? says Tony Lemaire, President & CEO of Western Bank. Julie Sands Causey, Chairman of Western Bank added, "Western Bank will have the same talented leadership and banking team, quick local decision making, direct experience with the local market, personalized service and the same involvement and tangible commitment to the community that people are accustomed to. We are honored to become part of this quality organization.â€?
Steve Ritzman, President & CEO of American National Bank said "Western Bank is very similar to American National Bank in community focus and values. Both are very strong, healthy community banks, with a mission to support their communities. Western Bank has a terrific reputation and trusted name in the Twin Cities area.â€?
Western Bank was advised by River Branch Capital LLC and the law firm of Fredrikson & Byron, P.A. American National was advised by McGill, Gotsdiner, Workman & Lepp, P.C., L.L.O.
About Western Bank
Founded in 1915, Western Bank is an independent, community bank dedicated to meeting the specialized needs of businesses and offering a full range of services to all customers. The bank has five geographically dispersed locations serving customers throughout the Twin Cities metropolitan area. The corporate office still serves the original St. Paul, Minnesota neighborhood in which it started, with other offices in Edina, Maplewood, Mounds View, and Oakdale, Minnesota. Western Bank has assets of over $400 million and provides a full line of deposit and loan services to businesses, nonprofit organizations and individuals. Western Bank is a Preferred SBA lender. Visit www.western-bank.com for more.
About American National Corporation
American National Corporation (ANC) is a bank holding company, headquartered in Omaha, Nebraska. American National Bank is a wholly owned subsidiary of American National Corporation. The Bank has a long and successful history dating back to 1856, with family ties since 1909. It is the second largest privately-held local bank in the Omaha/Council Bluffs market area. With assets over $2 billion, American National Bank serves both business and consumer markets. It operates 32 full service offices, in Omaha/Council Bluffs/Lincoln and other communities in Nebraska and Iowa. American National Bank is the third largest leading mortgage lender in the Omaha/Council Bluffs market, and is one of the select preferred lenders in the region. Visit www.anbank.com for more information.
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