On March 1, 2020, SmartFinancial, Inc. (SmartFinancial), completed its previously announced acquisition of Progressive Financial Group, Inc. (Progressive), pursuant to an Agreement and Plan of Merger dated October 29, 2019, by and between SmartFinancial and Progressive. On the Effective Date, Progressive merged with and into SmartFinancial, with SmartFinancial continuing as the surviving corporation. Immediately following the Merger, Progressive Savings Bank, a Tennessee-chartered commercial bank and wholly owned subsidiary of Progressive, merged with and into SmartBank, a Tennessee-chartered commercial bank and wholly owned subsidiary of SmartFinancial, with SmartBank continuing as the surviving banking corporation. On February 27, 2020, the Board of Directors of SmartFinancial, acting pursuant to the authority granted to it by SmartFinancial’s Bylaws, increased the size of the Board of Directors from twelve to thirteen directors, effective as of the closing of the Merger. Also on February 27, 2020, the Board of Directors appointed Ottis Phillips as a director of SmartFinancial, effective as of the closing of the Merger. Mr. Phillips is an independent director who will serve with a term expiring at SmartFinancial’s 2020 annual meeting of shareholders. Ottis Phillips, age 68, is the former Chairman of the Board, President, and CEO of Progressive and Progressive Savings Bank. He served on the boards of directors of Progressive and Progressive Savings Bank from 2016 until the Merger, and served as the President and CEO of Progressive and Progressive Savings Bank from 2018 until the Merger.