Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 14

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 14
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 Merger” and the
section entitled “The Merger Agreement — Merger Consideration.”

Material U.S. Federal Income Tax Consequences of the Merger

The Merger is intended to qualify as a “reorganization” (within the meaning of
Section 368(a) of the Code) for U.S. federal income tax purposes, and it is a condition to Associated’s and American National’s respective obligations to complete the Merger that Associated and American National each receive a legal
opinion to the effect that the Merger will so qualify. Accordingly, U.S. holders of American National common stock generally will not recognize any gain or loss for U.S. federal income tax purposes on the exchange of their American National common
stock for Associated common stock in the merger, except for any gain or loss that may result from the receipt of cash instead of fractional shares of Associated common stock.

You should be aware that the tax consequences to you of the Merger may depend upon your own situation. In addition, you may be subject to state, local or non-U.S.tax laws that are not discussed in this information statement/prospectus. You should therefore consult with your own tax advisor for a full understanding of the tax consequences to you of the Merger.

American National’s Reasons for the Merger; Recommendation of the American National Board of Directors

The American National board of directors unanimously approved the Merger Agreement and determined that the transactions
contemplated thereby, including the Merger, are advisable and in the best interests of American National and its shareholders. In reaching its decision to approve the Merger Agreement and the transactions contemplated thereby, including the Merger,
and recommend the approval of the Merger Agreement by the American National voting shareholders (which approval was obtained on November 30, 2025), the American National board of directors evaluated the Merger Agreement and the transactions
contemplated thereby, including the Merger, in consultation with American National’s executive management and American National’s legal and financial advisors, and considered a number of factors. Accordingly, the American National board
of directors recommended that the American National voting shareholders approve the Merger Agreement and the transactions contemplated thereby, including the Merger. For a more detailed discussion of the American National board of directors’
recommendation and the factors considered by the American National board of directors, see the section entitled “The Merger — American National’s Reasons for the Merger; Recommendation of the American National Board of
Directors.”

No Dissenters’ or Appraisal Rights in