Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 5

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 5
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 together with the Merger, the “Mergers”), with Associated Bank surviving the Bank Merger.
A copy of the Merger Agreement is included as Annex Ato the accompanying information statement/prospectus and is incorporated herein by reference.

Pursuant to the Merger Agreement, at the effective time of the Merger, each share of American National
non-voting common stock (the “American National non-voting common stock”) and each share of American National voting common stock (the “American
National voting common stock” and together with the American National non-voting common stock, the “American National common stock”) issued and outstanding immediately before the effective
time of the Merger (other than certain shares excluded under the Merger Agreement, including any shares held in treasury or otherwise owned by American National or Associated) will convert into the right to receive 36.250 shares of common stock, par
value $0.01 per share, of Associated (the “Associated common stock” and such consideration, the “Merger Consideration”). No fractional shares of Associated common stock will be issued in the Merger, and holders of American
National common stock will receive cash in lieu of any fractional shares of Associated common stock. Shares of Associated common stock are traded on the New York Stock Exchange under the symbol “ASB.”

If the Merger is completed, you will be entitled to receive the Merger Consideration for each share of American National common stock owned by you, subject to automatic adjustment as set forth in the Merger Agreement and described in the information statement/prospectus. You are not required to take any action to receive any shares to which you are entitled under the Merger Agreement.

The American National board of directors carefully reviewed and considered the terms and conditions of the Merger Agreement, the
Merger and the other transactions contemplated by the Merger Agreement. The American National board of directors unanimously (i) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are advisable
and in the best interests of American National and its shareholders and (ii) directed that the Merger Agreement be submitted to the American National voting shareholders for approval via written consent (which approval was obtained on
November 30, 2025) and (iii) recommended that the American National voting shareholders approve the Merger Agreement.

Under the
Nebraska Model Business Corporation Act (the “NMBCA”) and American National’s governing documents, the approval of the Merger required the affirmative approval by written consent of