Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 29

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 29
---
 | Implied Value per Share of 
 American National          
 Common Stock(1)            |        |
|:------------------|:----|:---------------------------|------:|:----|:---------------------------|-------:|
| November 28, 2025 |     | $                          | 26.29 |     | $                          | 953.01 |
| December 22, 2025 |     | $                          | 26.69 |     | $                          | 967.51 |

| (1) | Calculated by multiplying the price of Associated common stock on the NYSE as of the specified date by the 
 exchange ratio.                                                                                            |

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, and there can be no assurance that Associated will continue to pay dividends in the future. 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 of safety and soundness considerations. American National There is no established public trading market for American National common stock, and no market for American National common stock is expected to develop if the Merger does not occur. No registered broker/dealer makes a market in the American National common stock, and no shares of such stock are listed for trading or quoted on any stock exchange or automated quotation system. As of the effective time of the Merger, there will be no shareholder agreements, voting trusts or similar arrangements in effect with respect to American National common stock, except for the Transfer, Voting and Registration Rights Agreement entered into between Associated and the American National voting shareholders in connection with the Merger. As of December 22, 2025, the latest practicable date prior to the filing of this information statement/prospectus, there were approximately 35 holders of record