Exhibit 99.1
August 18, 2016
Board of Directors
Citizens Independent Bancorp
The Citizens Bank of Logan
Gentlemen:
Ihereby resign from The Citizens Bank of Logan and CitizensIndependentBancorp Board of Directors. I have weighed heavily stepping down based on certain frictions at the entities, and I have decided to resign. None of my actions, in part or in total, deserved discussion of being forced out.Iconsideritpretext for cultural issues with Executive Management. The harassment charge was meritless, andIdoubtIam the only director that mistakenly sent bank emails to an unsecured server.
The Boardischarged with ensuring banking services to the community and enhancing shareholder value. I take this stewardship seriously and performed my duties well.
Management serves at the pleasure of the Board.Itcannot be allowed to operate without proper checks and balances.Itcannot put self-interest ahead of the bank and its shareholders. The Board’s fiduciary duty is to ensure that this does not happen, andIhave exercised that duty to the best of my ability.
The Bankisin a good place now through alotof hard“team”work – no one person can claim sole credit.
I trust you will scrutinize the budget and gain control of noninterest expenses. I will continue to monitor your progress from afar.Iwish you all the best and continued success.
Sincerely,
/s/ Michael J. Shawd
Michael J. Shawd