Skyline Bankshares, Inc. announces acquisition of Johnson County Bank - Seite 2

The combination is subject to approval by Johnson County Bank's shareholders, banking regulators and other customary closing conditions. The transaction is expected to be completed during the second half of 2024.

Raymond James & Associates, Inc. acted as financial advisor and has provided a fairness opinion to Skyline, and Williams Mullen acted as its legal advisor in the transaction. Olsen Palmer LLC acted as financial advisor to Johnson County Bank and Luse Gorman, PC acted as its legal advisor in the transaction.

About Skyline Bankshares, Inc.

Skyline Bankshares, Inc., the parent of Skyline National Bank headquartered in Floyd, Virginia, operates 27 branches in Southwestern Virginia and Northwestern North Carolina. Skyline Bank provides a highly competitive suite of personal and business banking products and services to customers. As of December 31, 2023, Skyline had $1.0 billion in total assets, $818 million in gross loans, and $929 million in total deposits.

About Johnson County Bank

Johnson County Bank headquartered in Mountain City, Tennessee, operates one full-service branch. Founded in 1975, Johnson County Bank is currently only one of three banks in Mountain City, Tennessee. Johnson County Bank has a strong low-cost core deposit base, and its loan composition is 89% real estate focused, including 4.1% commercial real estate, 66.7% 1-4 family, and 7.8% multifamily loans. As of December 31, 2023, Johnson County Bank had $152 million in total assets, $83 million in gross loans, and $120 million in total deposits.

Additional Information and Where to Find It

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Johnson County Bank will mail a proxy statement, when available, to its shareholders in connection with their vote on the proposed merger. Investors and security holders are urged to read the proxy statement and other relevant documents carefully and in their entirety when they become available because they will contain important information about the proposed merger.