On March 19, 2024, Bancorp 34, Inc. (?Bancorp 34?) completed its previously announced merger with CBOA Financial, Inc. (CBOA?) pursuant to the Agreement and Plan of Merger, dated as of April 27, 2023, as amended (the ?Merger Agreement?). In connection with the Merger and pursuant to the terms of the Merger Agreement, on March 19, 2024, William F. Burt, Wortham (Pete) Cook and Don Van Winkle each resigned from the Board of Directors of the company, and the Board elected three former directors of CBOA to the Board. Mr. Burt, Mr. Cook and Mr. Van Winkle were also members of Bancorp 34?s corporate, nominating and governance committee and Mr. Cook and Mr. Van Winkle were members of Bancorp 34?s audit committee.

The Board elected each of Robert Decker, Bill Assenmacher and Chris Webster to serve as members of the Board. It is expected that Mr. Decker will serve on Bancorp 34?s audit committee and Mr. Assenmacher will serve on Bancorp 34?s corporate, nominating and governance committee. Mr. Chris Webster was appointed as the President of Bancorp 34.

Mr. Webster has over 30 years of banking experience. Prior to joining Commerce Bank in 2014, he was President and a founding member of First Scottsdale Bank, N.A., a position for which he held from 2010 to 2013. Prior to serving with First Scottsdale Bank, Mr. Webster was with BBVA/Compass Bank where he managed the middle-market Commercial Banking Group and later became EVP/Manager of the Large Corporate Banking Group.

Mr. Webster also held various leadership roles with The FINOVA Group, formerly a Phoenix headquartered middle-market commercial finance company.