Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 13

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 13
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 a share, an amount in cash (rounded down to the nearest cent), without interest, equal to such fractional part of a share of Associated common stock determined by multiplying(i) the average of the Associated share closing prices on the NYSE as reported by The Wall Street Journalfor the five consecutive full trading days ending on the trading day immediately preceding the closing date by(ii) the fraction of a share (after taking into account all shares of American National common stock held by such holder immediately prior to the effective time and rounded to the nearest thousandth when expressed in decimal form) of Associated common stock which such holder would otherwise be entitled to receive pursuant to the Merger Agreement. Associated common stock is listed on the NYSE under the symbol “ASB.” American National common stock is not listed or quoted on any exchange. The following table shows the closing sale prices of Associated common stock as reported on the NYSE on November 28, 2025, the last full trading day before the public announcement of the Merger Agreement, and on December 22, 2025, the last practicable trading day preceding the date of this information statement/prospectus. This table also shows the implied value of the Merger Consideration to be issued in exchange for each share of American National common stock.

|                   |     | Closing Price per   
 Share of Associated 
 Common Stock        |       |     | Approximate Implied 
 Value per Share of  
 American National   
 Common Stock        |        |
|:------------------|:----|:--------------------|------:|:----|:--------------------|-------:|
| November 28, 2025 |     | $                   | 26.29 |     | $                   | 953.01 |
| December 22, 2025 |     | $                   | 26.69 |     | $                   | 967.51 |

5

American National Stock Bonus Awards

Prior to the effective time of the Merger, and in no event prior to January 1, 2026, American National will grant fully vested shares of
American National common stock in settlement of all obligations with respect to each outstanding American National stock bonus award (each, an “American National stock bonus award”) and under the American National Stock Incentive Plan.
The total number of shares of American National common stock issued with respect to such settlement will not exceed 12,075 shares in the aggregate.

For more information on the Merger Consideration, see the section entitled “The Merger — Terms of the