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SMART FINANCIAL, INC. ANNOUNCES MERGER WITH PROGRESSIVE FINANCIAL GROUP

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SmartFinancial, Inc. announces they will merge with Progressive Financial Group Inc., parent company of Progressive Savings Bank. As of last month, Progressive had approximately $296 million of total assets, $258 million in deposits, $190 million in net loans. Progressive Bank has locations in the listening area in Crossville, Jamestown, and Wartburg. The acquisition is subject to the approval of Progressive shareholders and the receipt of all necessary regulatory approvals. That process is expected to be completed next year.

Progressive Financial Group Inc. serves as the holding company for Jamestown, Tennessee-based Progressive Savings Bank. Founded in June 1980, Progressive Savings Bank has over $300 million in total assets. The bank currently offers insurance lines, independent investment advice, and tax and accounting advice through its wholly-owned subsidiaries The Rains Agency, Cravens and Company Advisors, LLC, and Progressive Tax & Accounting, respectively.


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