On February 24, 2021, Hildene Capital Management, LLC announced that it has nominated 2 qualified director candidates; John Scannell and Raymond Tellini for election to the board of directors of CIB Marine Bancshares, Inc. in connection with the Company’s 2021 annual meeting of shareholders. Hildene Capital expressed its view that immediate change is required to the Company’s board and capital structure to maximize value for shareholders. In addition, Hildene Capital stated that Hildene nominees have the financial acumen and expertise needed to implement a recapitalization plan in the best interests of all shareholders.