Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 21

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 21
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 completed, American National and Associated will have incurred substantial expenses without realizing the expected benefits of the Merger, and this could negatively impact the valuation, future business and financial results of each of Associated and American National.

Both American National and Associated have incurred, and will continue to incur, significant expenses in
connection with the negotiation and completion of the transactions contemplated by the Merger Agreement. These costs include legal, financial advisory, accounting, consulting, and other professional fees, as well as severance and employee
benefit-related expenses, filing and regulatory fees, printing costs, and other related expenditures. Certain of these costs are payable by either American National or Associated regardless of whether the Merger is ultimately completed. If the
Merger is not consummated, American National and Associated will be required to recognize these expenses without realizing the anticipated benefits of the transaction. Furthermore, failure to complete the Merger could adversely affect the valuation
and market price of each company’s stock, as well as their future business prospects and financial results.

Combining Associated and American National may be more difficult, costly or time consuming than expected, and American National may fail to realize the anticipated benefits and cost savings of the Merger.

The success of the Merger will depend, in part, on the ability to realize the anticipated cost savings from combining the businesses of
Associated and American National. To realize the anticipated benefits and cost savings from the Merger, Associated and American National must successfully integrate and combine their businesses in a manner that permits those cost savings to be
realized. If American National is not able to successfully achieve these objectives, the anticipated benefits of the Merger may not be realized fully, or at all, or may take longer to realize than expected. In addition, the actual cost savings and
anticipated benefits of the Merger could be less than anticipated, and integration may result in additional unforeseen expenses.

Associated and American National have operated and, until the completion of the Merger, must continue to operate, independently. It is
possible that the integration process could result in the loss of key employees, the disruption of each company’s ongoing business or inconsistencies in standards, controls, procedures and policies that adversely affect the companies’
ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits, cost savings and tangible book value “earnback” in respect of the Merger on the timelines anticipated or at all.
Integration efforts between the two companies may also divert management attention and resources. These integration matters could have an adverse effect