Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 22

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 22
---
 on each of Associated and American National during this transition period and on Associated for
an undetermined period after completion of the Merger.

Associated and American National may be unable to attract, motivate and retain personnel successfully while the Merger is pending or after the Merger is completed.

The success of the Merger and the Bank Merger will
depend in part on Associated’s and American National’s ability to retain the talents and dedication of key employees currently employed by Associated and American National. It is possible that these employees may decide not to remain
with Associated or American National, as applicable, while the Merger is pending or with Associated after the Merger is completed. If key employees terminate their employment, or if an insufficient number of employees are retained to maintain
effective operations, Associated’s and American National’s business activities may be adversely affected and their respective management’s attention may be diverted from successfully integrating Associated and American National to
hiring suitable replacements, all of which may cause Associated’s and American National’s businesses to suffer. In addition, Associated and American National may not be able to locate suitable replacements for any key employees who leave
Associated and American National, or to offer employment to potential replacements on reasonable terms.

12

Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated or that could have an adverse effect on Associated following the Merger.

Before the Merger and the
Bank Merger may be completed, various approvals, consents and non-objections must be obtained from the Federal Reserve Board and the OCC. Other approvals, waivers or consents from regulators could also be
required. In determining whether to grant these approvals, the regulators consider a variety of factors, including the regulatory standing of each party and the factors described under “The Merger — Regulatory Approvals.”
These approvals could be delayed or not obtained at all, including due to any or all of the following: an adverse development in any party’s regulatory standing or any other factors considered by regulators in granting such approvals;
governmental, political or community group inquiries, investigations or opposition; or changes in legislation or the political environment.

The approvals that are granted may impose terms and conditions, limitations, obligations or costs, require branch divestitures or place
restrictions on the conduct of Associated’s businesses or require changes to the terms of the transactions contemplated by the Merger Agreement. There can be no assurance that regulators will not impose any such conditions, limitations,
obligations or restrictions or that such conditions, limitations,