Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 24

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 24
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 be related persons at the
effective time of the Merger have or will have a material interest. The American National board of directors was aware of these interests and considered these interests, among other matters, when making its decision to approve the Merger and Merger
Agreement, and in recommending that American National shareholders approve the Merger Agreement. See the section entitled “The Merger — Interests of American National’s Directors and Executive Officers in the Merger.”

13

Termination of the Merger Agreement could negatively affect American National and/or Associated.

If the Merger is not completed for any reason, both Associated and American National could experience a range of adverse
consequences. For example, the management teams of both companies may have devoted significant time and resources to the Merger, potentially at the expense of pursuing other strategic opportunities or initiatives. As a result, if the Merger is not
consummated, neither company would realize the anticipated benefits of the transaction, and their businesses may be negatively impacted by the diversion of management attention and resources. Additionally, the failure to complete the Merger could
create uncertainty for employees, customers, and other stakeholders, and could adversely affect the companies’ relationships, market positions, and overall business prospects.

Associated and American National will be subject to business uncertainties and contractual restrictions while the Merger is pending.

Whether or not the Merger is ultimately consummated, the uncertainty surrounding the potential effects of the Merger on employees and customers
may adversely impact both Associated and American National. These uncertainties may impair both Associated’s and American National’s ability to attract, retain, and motivate key personnel until the Merger is completed, and could cause
customers and others who do business with Associated or American National to seek to change or terminate existing business relationships.

In addition, subject to certain exceptions, American National has agreed that it and each of its subsidiaries will (i) conduct its
business in the ordinary course in all material respects and (ii) use reasonable best efforts to maintain and preserve intact its business organization and its relationships with employees, officers, directors, customers, depositors, suppliers,
correspondent banks, governmental entities with jurisdiction over its operations, and other third parties having material business relationships with American National or any of its subsidiaries. Additionally, American National and Associated have
agreed that neither they nor their respective subsidiaries will take any action that is intended or reasonably expected to adversely affect or materially delay the ability to obtain any necessary approvals from the Federal Reserve Board or the OCC
required for the transactions contemplated