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Press release content from Business Wire. The AP news staff was not involved in its creation.

Hildene Capital Mails Proxy Materials to CIB Marine Bancshares’ Shareholders in Connection With Annual Meeting

March 25, 2021 GMT

STAMFORD, Conn.--(BUSINESS WIRE)--Mar 25, 2021--

Hildene Capital Management, LLC and certain of its managed funds (collectively “Hildene”), which beneficially own a collective 36% of CIB Marine Bancshares, Inc.’s (OTC:CIBH) (“CIB Marine” or the “Company”) series A and series B preferred stock, as well as approximately 0.10% of the Company’s common stock, today announced that it has sent its fellow CIB Marine shareholders Hildene’s proxy materials in connection with the Company’s 2021 Annual Meeting on April 29, 2021.

Hildene also today sent a letter to shareholders highlighting CIB Marine’s recent attempts to mislead shareholders and obstruct a fair and democratic vote at the Annual Meeting, which Hildene believes further underscore why immediate change is required at the Company to maximize value for ALL shareholders.

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Hildene urges ALL CIB Marine shareholders to vote on the BLUE proxy card “FOR” the election of Hildene’s highly qualified director nominees, John Scannell and Raymond Tellini, and “FOR” Hildene’s advisory recapitalization proposal, that recommends to the CIB Marine Board of Directors that it take all steps necessary to promptly implement and effect the recapitalization plan and Fifth Amendment to CIB Marine’s Amended and Restated Articles of Incorporation, which are aimed at optimizing CIB Marine’s capital structure.

Shareholders of record as of March 10, 2021 are entitled to vote at the Annual Meeting and may obtain a copy of Hildene’s proxy materials and the BLUE proxy card by contacting Hildene’s proxy solicitation agent, MacKenzie Partners, Inc., toll-free at (800) 322-2885, collect at (212) 929-5500, or by email at proxy@mackenziepartners.com.

Hildene’s proxy statement and letter to CIB Marine shareholders can be found below at: http://www.stockholderdocs.com/cibh/

About Hildene Capital Management, LLC

Founded in 2008, Hildene Capital Management, LLC is an asset manager, which has together with its affiliates, over $12.5 billion in hedge fund, separate account and CDO assets under management. The firm seeks to generate attractive risk-adjusted returns for its institutional clientele by implementing a disciplined, systematic investment approach.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20210325005923/en/

CONTACT: Media

Amanda Klein

Gasthalter & Co.

212.257.4170Investor

Bob Marese

MacKenzie Partners

646.592.1133

KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Hildene Capital Management, LLC

Copyright Business Wire 2021.

PUB: 03/25/2021 04:10 PM/DISC: 03/25/2021 04:10 PM

http://www.businesswire.com/news/home/20210325005923/en