Effective March 26, 2020, Professional Holding Corp. completed its previously announced merger transaction with Marquis Bancorp Inc. (“MBI”) pursuant to an Agreement and Plan of Merger dated as of August 9, 2019 (the “Merger Agreement”), by and between the Company and MBI. At the effective time of the Merger (the “Effective Time”), MBI merged with and into the Company, with the Company surviving the Merger. Effective upon the consummation of the Merger and in accordance with the Merger Agreement, the Board of Directors of the Company took action to expand the size of the Board to nine (9). To fill the resulting vacancy, Norman Edelcup, who was a member of the Board of Directors of MBI immediately prior to the consummation of the Merger, was appointed to the Board of Directors of the Company. Mr. Edelcup will serve as a Class II director in such capacity for a term expiring at the next annual meeting of shareholders of the Company. Other than the Merger Agreement, there are no arrangements between Mr. Edelcup and any other person pursuant to which Mr. Edelcup was selected as a director.