CIB Marine Bancshares Inc. (CIBH)

[chainma1l]

it will be nice to get those preferreds out of the way.

The redemption of all preferred stock by the end of 2024 remains the top priority for the Company and the
most significant action we can take to build shareholder value. At CIBM Bank, our primary focus is operating
results and safety and soundness, which includes increasing earnings with strategies to improve net interest
margins and operating efficiencies. At our 2022 and 2023 Annual Shareholder meetings, we discussed our
strategic plans for complete redemption of all preferred shares, the timing of those redemptions, potential
challenges, and the many opportunities that follow the redemption process. We have taken important steps
toward our redemption goal, including the 2022 issuance of subordinated debt, and we continue to evaluate
alternative funding sources to supplement current Company cash and future capital distributions from CIBM
Bank (which require regulatory approval), if necessary. Our analysis, provided to shareholders in April,
remains unchanged and we are currently planning the next, and final, redemption to take place in 2024. The
past year is a strong reminder that the banking operating environment is subject to many variables outside of
our control. We will continue to provide our shareholders regular updates regarding the status of and changes,
if any, to our strategic plans.