Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 8

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 8
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ation”), with cash in lieu of fractional shares.                                                                                                                                                                                  |

| Q: | Will the value of the Merger Consideration change between the date of this information statement/prospectus 
 and the time the Merger is completed?                                                                       |

| A: | Yes. Any fluctuation in the market price of Associated common stock prior to the completion of the                                                                                                                                                      
 Merger will directly impact the value of the Merger Consideration that American National shareholders receive at closing. Because the Merger Consideration consists of a fixed exchange ratio of Associated common stock, the actual dollar value that  
 shareholders receive will vary depending on the market price of Associated common stock at the time the Merger is consummated. As a result, shareholders may receive Merger Consideration that is worth more or less than the value implied at the time 
 the Merger Agreement was executed.                                                                                                                                                                                                                      |

It is important to note that, under the terms of the Merger Agreement, neither Associated nor American National has the right to terminate the agreement or to not complete the Merger solely due to any increase or decrease in the market price of Associated common stock. 1

| Q: | Do American National shareholders have dissenters’ or appraisal rights? |

| A: | No. American National shareholders are not entitled to dissenters’ or appraisal rights in        
 connection with the Merger. See “The Merger — No Dissenters’ or Appraisal Rights in the Merger.” |

| Q: | Does Associated pay regular dividends on its shares of common stock? |

| A: | Associated has historically paid a quarterly cash dividend to the holders of Associated common stock, and most                                                                                                                                           
 recently, the Associated board of directors declared and, as approved by the Associated board of directors, Associated paid regular quarterly dividends of $0.23 per share of Associated common stock in each of the first three fiscal quarters of 2025 
 and a dividend of $0.24 per share of Associated common stock in the fourth fiscal quarter of 2025. Holders of Associated common stock are not entitled to receive dividends. Downturns in the domestic and global economies could cause                  
 Associated’s board of directors to consider, among other things, the elimination of dividends paid on Associated common stock. This could adversely affect the market price of Associated common stock. Furthermore, as a bank holding company,          
 Associated’s ability to pay dividends is subject to the guidelines of the Federal Reserve regarding capital adequacy and dividends. Dividends also may be limited as a result