Hildene Capital Sends Letter to Shareholders of CIB Marine
March 25, 2021 at 04:10 pm EDT
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On March 25, 2021, Hildene Capital Management, LLC sent a letter to shareholders highlighting CIB Marine Bancshares, Inc.’s recent attempts to mislead shareholders and obstruct a fair and democratic vote at the Company’s annual shareholders meeting scheduled to be held on April 29, 2021, which Hildene Capital views further underscore why immediate change is required at the Company to maximize value for all shareholders. Hildene Capital urged the shareholders to vote on Hildene Capital’s proxy card for the election of its director nominees, John Scannell and Raymond Tellini, and for Hildene Capital’s advisory recapitalization proposal, that recommends to the Company Board of Directors that it take all steps necessary to promptly implement and effect the recapitalization plan and fifth amendment to the Company’s amended and restated articles of incorporation, which are aimed at optimizing the Company’s capital structure.
CIB Marine Bancshares, Inc. (CIB Marine) is a bank holding company, which provides a full range of banking and related services through its banking subsidiary, CIBM Bank (the Bank). Its segments include mortgage, banking and corporate. The Bank offers a full array of traditional banking services, including a range of loan products, such as commercial loans, commercial real estate loans, commercial and residential construction loans, government guaranteed loans, one-to-four family residential real estate loans, home equity loans, consumer loans, and commercial and standby letters of credit; consumer and commercial deposit accounts, including savings, checking, and time deposits; trust services; cash management; repurchase agreements, and other traditional community banking services. The Bank operates approximately 10 banking offices and eight mortgage loan offices in Illinois, Wisconsin and Indiana.
CIB MARINE BANCSHARES, INC. 
