Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 20

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 20
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ger.

Risk Factors Relating to the Merger

Because the market price of Associated common stock may fluctuate, American National shareholders cannot be certain of the market value of the Merger Consideration they will receive.

In connection with the Merger, each share of American National common stock issued and outstanding immediately prior to the effective time of
the Merger (excluding certain shares excepted under the Merger Agreement) will be converted into the right to receive the Merger Consideration of 36.250 shares of Associated common stock, with cash in lieu of fractional shares. The value of the
Merger Consideration that American National shareholders will receive upon completion of the Merger will fluctuate based on changes in the market price of Associated common stock prior to the closing. The market price of Associated common stock may
be influenced by a wide range of factors, including, among others, general market and economic conditions, changes in Associated’s business, operations, financial performance, or prospects, volatility in global securities markets, regulatory
developments, and changes in tax laws. Many of these factors are beyond the control of either Associated or American National. As a result, the actual value realized by American National shareholders in the Merger may be higher or lower than the
value as of the date the Merger Agreement was signed.

The market price of Associated common stock after the Merger may be affected by factors different from those currently affecting the independent businesses of Associated and American National.

Upon completion of the
Merger, American National shareholders will become shareholders of Associated. Associated’s business operations, strategy, and market focus differ in significant ways from those of American National. As a result, the future operating results
and market price of Associated common stock following the Merger may be influenced by factors that are different from those that previously affected the independent performance of American National and Associated. Accordingly, American National
shareholders should be aware that, as Associated shareholders, their investment may be subject to new risks and opportunities arising from the combined company’s business and market environment. For a discussion of the businesses of Associated
and American National and of some important factors to consider in connection with those businesses, see the documents incorporated by reference in this information statement/prospectus and referred to

11

under “Where You Can Find More Information” and the sections entitled “Information About Associated,” “Information About American National” and “Business
of American National.”

American National and Associated are expected to incur substantial costs related to the Merger and integration. If the Merger is not