Progressive Growth Corp. Completes Capital Offerings

March 2021 Transaction Overview Progressive Growth Corp. On March 23, 2021, Gaylord, Minnesota-based Progressive Growth Corp., the holding company for ProGrowth holding company for: Bank, completed the issuance of $8.00 million of 10-year Fixed-to-Floating rate Subordinated Notes and $3.00 million of Series A Noncumulative Perpetual Preferred Stock. The subordinated debt is structured such that it qualifies as Tier 2 capital at the holding company. The 10-year Notes will initially bear interest at 4.00% per annum to but excluding March 23, 2026 and thereafter pay a quarterly floating rate equal to 90-day average SOFR plus Subordinated Debt & Preferred 329 basis points. The Series A Noncumulative Perpetual Preferred Stock shall bear a noncumulative dividend rate Equity Offering of 7.00% per annum. $11.0 Million $8.00mm sub debt due March 2031 The Company intends to use the net proceeds for general corporate purposes and potential future strategic 4.00% Fixed-to-Floating opportunities. $3.00mm noncumulative perpetual preferred equity 7.00% Performance Trust Capital Partners served as sole placement agent for Progressive Sole Placement Agent Growth Corp. in connection with these issuances of subordinated debt and preferred Performance Trust Capital Partners equity.

(December 31, 2020) Capital Markets Financial Highlights Branch Map

Matt Shields ProGrowth Bank Managing Director ($000s) (312) 521-1638 Assets: $ 188,411 Investment Banking Gary L. Svec, CPA Loans: 91,134 Managing Director Deposits: 155,749 (312) 521-1675 Total Equity: 13,876 Ashish Patel Vice President TCE / TA: 7.36% (312) 521-1145 NPAs / Assets: 0.12% Tyler Kidwell Analyst LTM Net Income: $ 1,149 (312) 521-1419 LTM ROAA: 0.78% Balance Sheet Strategy LTM ROAE: 9.03% John Behof Director Note: Bank Call Report Data (312) 521-1413 ProGrowth Bank (3)

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