Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 28

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 28
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 Can Find More Information.” 17

All forward-looking statements are expressly qualified in their entirety by the cautionary
statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Associated does not assume any obligation to update forward-looking statements to reflect actual
results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of
unanticipated events except as required by federal securities laws. If Associated updates one or more forward-looking statements, no inference should be drawn that Associated will make additional updates with respect to those or other
forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

For additional information about factors that could cause actual results to differ materially from those described in the forward-looking
statements, please see the reports that Associated has filed with the SEC as described under “Where You Can Find More Information.”

Associated and American National expressly qualify in their entirety all forward-looking statements attributable to either of them or any person acting on their behalf by the cautionary statements contained or referred to in this information statement/prospectus.

18

COMPARATIVE STOCK PRICES AND DIVIDENDS Associated The following table shows (1) the market value of Associated common stock at the close of business on November 28, 2025, the last trading day prior to the announcement of the Merger, and as of December 22, 2025, the most recent practicable date preceding the date of this information statement/prospectus, and (2) the implied value of a share of American National common stock at such date based on the value of the Merger Consideration. The equivalent prices per American National share are hypothetical implied values of the Merger Consideration. For illustration purposes only, if the Merger occurs and assuming that the price per share of Associated common stock received in the Merger is equal to $26.29, which was the closing price per share of Associated common stock on November 28, 2025, then American National shareholders will receive 36.250 shares of Associated common stock with a value of $26.29 for each share of American National common stock, representing an aggregate implied value per share of American National common stock of approximately $953.01.

|                   |     | Closing Price per Share of 
 Associated                 
 Common Stock               |       |