For Immediate Release

MidCountry Financial Corp. Agrees to Sell MidCountry Bank

Macon GA (06-13-18) MidCountry Financial Corp. (MCFC), a savings and loan holding company, announced today that it entered into a Definitive Agreement to sell its Minnesota-based subsidiary, MidCountry Bank, to MidCountry Acquisition Corp., a corporation organized by Minnesota investors to acquire the Bank.

MidCountry Bank, with $775 million of assets as of March 31, 2018, primarily serves the region around Minneapolis, Minnesota through a network of 15 full-service branch offices. It offers a wide range of products and services through various subsidiaries and divisions including, MidCountry Investments, MidCountry Insurance, and MidCountry Mortgage. MidCountry Bank also operates a consumer banking division under the name Pioneer Services, providing active-duty military, career-retired military, and veterans of the U.S. Armed Forces with access to personal installment loans and free financial education resources online and through a network of seven loan production offices around the country.

Following the close of the transaction, MidCountry Bank will retain its name and management team (including current President and CEO, Steve Meads) along with key customer-facing systems, branches and operations. MidCountry Bank customers may continue to conduct their banking business through all of MidCountry Bank's convenient options including its branch offices, ATMs and on-line at Pioneer Services will also continue serving military customers.

The acquisition of MidCountry Bank is subject to regulatory approval and other customary closing conditions, and is expected to close during the fourth calendar quarter of 2018.

Alston & Bird LLP provided legal counsel, and RBC Capital Markets served as exclusive financial advisor to MCFC. Ballard Spahr LLP provided legal services to MidCountry Acquisition Corp.


* MidCountry Financial Corp. does not have an ownership interest in, nor is it an affiliate of, MidCountry Bank, Bloomington, Minnesota