Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 34

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 34
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 Associated common stock is expected to be tax-free to Associated shareholders for U.S. income tax purposes; |

| • |     | American National’s belief that American National and Associated share a similar strategic vision and that                                                                                                                                           
 Associated emphasizes many of the same values embraced by American National in the conduct of its business, such as a commitment to relationship-based community banking, excellent customer service, employee development and opportunities, active 
 participation in the communities served and delivery of value to shareholders;                                                                                                                                                                       |

| • |     | that a Merger with Associated, a larger bank holding company, could provide opportunity to realize economies of                                                    
 scale, add infrastructure and operational support and enhance customer products and services, allowing American National to remain competitive over the long term; |

| • |     | that a Merger with Associated, which has branches in metropolitan areas and regions of the United States that                                       
 American National does not serve, would provide the benefit of significant diversification outside of American National’s current market footprint; |

| • |     | the effects of the Merger on American National Bank’s employees, including the prospects for continued                
 employment in a larger organization and various benefits agreed to be provided to American National Bank’s employees; |

| • |     | the understanding of the American National board of directors of the current and prospective environment in which                                                                                                                                         
 American National Bank and Associated Bank operate, including national and local economic conditions, the interest rate environment, increasing operating costs resulting from regulatory initiatives and compliance mandates and the competitive effects 
 of the continuing consolidation in the banking industry;                                                                                                                                                                                                  |

| • |     | the ability of American National to complete the Merger from a financial and regulatory perspective, including                     
 Associated’s track record of receiving the required regulatory approvals and completing strategic transactions in a timely manner; |

| • |     | an extensive review of strategic options available to American National, including continuing as a standalone 
 entity, and consideration and weighing of the potential risks and benefits associated with each;              |

| • |     | that Associated agreed to appoint Wende Kotouc to the Associated board of directors, thereby helping to ensure 
 that the combined company has the opportunity to benefit from her insights and experience;                     |

24

| • |     | Associated’s commitment to honor existing community commitments, which process will be under the leadership                           
 of Wende Kotouc for at least the first year following the Closing, ensuring continuity and support for ongoing community initiatives; |

| • |     | the American National board of directors’ review with its legal