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

March 25, 2021 4:10 PM EDT

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Sends Letter to CIB Marine Shareholders Highlighting CIB Marine’s Recent Attempts to Mislead Shareholders, Further Entrench its Board and Obstruct a Fair and Democratic Vote 

Hildene’s Two Highly Qualified, Director Nominees Have the Experience and Skillsets Required to Implement the Right Capital Structure and Governance Practices to Create Significant Value for ALL CIB Marine Shareholders

Hildene Urges ALL CIB Marine Shareholders to Protect Their Investment by Voting the BLUE Proxy Card TODAY

STAMFORD, Conn.--(BUSINESS WIRE)-- 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.

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.

Amanda Klein
Gasthalter & Co.

Bob Marese
MacKenzie Partners

Source: Hildene Capital Management, LLC

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