MERCHANTS NATIONAL BANK
EXECUTIVE SUCCESSION PLAN PROGRESS CONTINUES

Denise Fauber Promoted to President

June 26, 2024—Hillsboro, Ohio— Pursuant to its strategic succession plan, Merchants National Bank (MNB) today announced the promotion
of Denise Fauber to president. As Denise assumes the president’s role, Paul Pence, accomplished banking professional with over 43 years of
exemplary service to MNB, will remain as chairman and CEO. Fauber previously served as the COO and a member of the board of directors
and will continue to serve in those capacities in addition to her role as president.

Fauber started her banking career over 27 years ago as a part-time teller at Fifth Third Bank while attending college. Denise was born and
raised in Highland county and is a gr aduate of Fairfield Local High School in Leesburg. Denise earned her BA in Business Administration and
Communication Arts from Wilmington College. She is a graduate of the Community Bankers Association of Ohio Emerging Leaders program
and obtained her Senior Professional Human Resource certification in 2013.

Denise has a substantial background in a wide range of banking functions and has worked in a variety of progressive roles throughout
her career. She has spent the past eight ye ars serving in critical roles at MNB. “Denise’s leadership and guidance to translate strategy into
actionable steps for growth are key factors in the bank’s asset size doubling since she joined the te am in 2016,” noted Pence. “Additionally,
Denise’s passion for growing and developing employees has been vital to the or ganization,” added Pence.

Like MNB, Fauber is rooted in the community. Denise currently serves as president of the Highland County Children’s Home Board, and
is active in local school and community events. She and her husband Christopher reside in Leesburg where they have raised their three
daughters, Kylie, Katie and Kenzie. Fauber added, “I am deeply honored and excited for the opportunity to serve as president and COO.
I am grateful for the trust MNB’s leadership and Board has placed in me and I look forwar d to continuing our journey of growth, while
maintaining the feel of a community bank.”

“The bank is well-positioned with a strong senior leadership team, structured to continue our Real Community Bank philosophy, which has
gotten us through the last 145 years. The succession planning process enables a smooth transition and ensures the bank’s continued success
for years to come. I am confident in Denise’s abilities to lead the bank and excited to continue serving the bank and the community in the
capacity of CEO and chairman,” noted Pence.

With $1.3B in assets and a growing network of locations, services, and technologies to enable seamless banking for both retail and
commercial customers, the bank delivers a sustainable approach to serving its local markets and supporting the hardworking staff members
who comprise the heart and soul of the organization. Change is inevitable, but the mark of a truly great organization is that change happens
in a thoughtful, organized manner that provides a strong base for growth and opportunity.

About Merchants National Bank

Established in 1879, MNB is an independent institution built upon a foundation of financial strength
and customer service to be a Real Community Bank.

MNB employees specialize in providing exceptional service on a personal level. The bank is large
enough to provide financial products at competitive prices, yet small enough to know its customers.
MNB offers real estate, construction, bridge, commercial and installment loans, all designed to meet
dynamic customer needs. MNB has 17 convenient local offices in Athens, Hillsboro, Greenfield,
Washington Court House, London, Mt. Orab, Springfield, Batavia, Georgetown, Marysville, Wilmington,
and Logan. Supported by ATMs at 15 locations, each office is individually and locally managed.