Online Banking First Time User? Enroll Here

KNOXVILLE, Tenn., April 14, 2021 – SmartFinancial, Inc., (Nasdaq: SMBK) (“SmartFinancial”), parent
company of SmartBank, and Sevier County Bancshares, Inc., (“SCB”), parent company of Sevier County
Bank, jointly announced today their entry into an agreement and plan of merger pursuant to which
SmartFinancial will acquire SCB.

As of December 31, 2020, SCB had approximately $424 million of total assets, $381 million in deposits, and $243 million in net loans with six branches in Sevier County, Tennessee and one branch in Richmond, Virginia. The proposed transaction will improve SmartFinancial’s market share to #1 in Sevier County, Tennessee based on deposits as of June 30, 2020 and become the 4 th largest community bank headquartered in Tennessee, with total consolidated assets in excess of $3.7 billion. Additionally, SmartFinancial will enter the Richmond, Virginia market with the addition of SCB’s six-person commercial banking team. The Richmond team brings decades of commercial banking experience in the rapidly growing Richmond, Virginia area. “We are pleased to partner with Sevier County Bank, which has a multi-generational history within our legacy footprint and is a company that we have known and admired for years,” explained Billy Carroll, President and CEO of SmartFinancial. “Our familiarity with their leadership team and common market area are what attracted us to this opportunity. This merger is reflective of our philosophy of partnering with banks that hold core values similar to our own and have a commitment to serving their local communities.”

“SCB operates with a core mission of ‘Keeping Community in Business’, which complements SmartFinancial’s mission of serving clients and delivering ‘WOW’ experiences. We will offer more convenience to Sevier County Bank customers through a large regional branch network and enhanced product offerings and services,” commented Miller Welborn, Chairman of the Board of SmartFinancial. “Additionally, we are extremely enthusiastic about the new opportunities ahead for our company in the Richmond, Virginia market area. We look forward to continued growth and new opportunities in this new market.”

SCB shareholders will receive 0.4116 shares of SmartFinancial common stock for each share of SCB common
stock currently held, provided that holders of fewer than 20,000 shares of SCB common stock will have the
option to receive cash for their shares in an amount to be calculated based on the average trading price of
SmartFinancial’s common stock prior to the closing of the transaction. The transaction is valued on an
aggregate basis at approximately $38.2 million, based on SmartFinancial’s closing stock price on April 13,
2021. Based on SCB’s tangible common equity as of December 31, 2020, the implied price to tangible book
value is approximately 128%.

The acquisition, which is subject to customary closing conditions including the approval of SCB shareholders
and the receipt of all necessary regulatory approvals, is expected to be completed in early third quarter of

Upon completion of the merger, John Presley, Executive Chairman, will join the boards of both
SmartFinancial and SmartBank. “This partnership will provide us new opportunities to increase the depth of
products and services we can offer to our customers, while providing significant value to our shareholders.,”
remarked Presley. “Importantly, SmartBank shares our commitment to community banking and understands
the value we provide to the communities we serve.  We have great history and pride in being a strong and
trusted resource for our customers and communities, and I am honored to continue this legacy as a future
director of SmartFinancial.”


Alston & Bird LLP served as legal advisor to SmartFinancial. Performance Trust Capital Partners, LLC served
as financial advisor, and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as legal counsel to
Sevier County Bancshares, Inc.

About SmartFinancial, Inc.

SmartFinancial, Inc., with assets in excess of $3.3 billion, is a publicly traded bank holding company for
SmartBank based in Knoxville, Tennessee. SmartBank is a full-service commercial bank founded in 2007,
with 35 branches spanning East and Middle Tennessee, Alabama, and the Florida Panhandle. Recruiting the
best people, delivering exceptional client service, strategic branching, and a disciplined approach to lending
have contributed to the company’s success. More information about SmartFinancial can be found on its
website: www.smartfinancialinc.com.

About Sevier County Bancshares, Inc.

Sevier County Bancshares, Inc. serves as the holding company for Sevierville, Tennessee-based Sevier County
Bank. Founded in 1909, Sevier County Bank has over $400 million in total assets with six branches in Sevier
County, Tennessee and one branch in Richmond, Virginia. For more information about Sevier County Bank,
please visit https://www.bankscb.com.

Conference Call Information

SmartFinancial will host a conference call to discuss the transaction on Wednesday, April 14, 2021, at 10:00
a.m. EST. The conference call materials will be published on the SmartFinancial investor relations page
(www.smartfinancialinc.com/corporateprofile) by 8:00 a.m. EST on the day of the call. To access this
interactive teleconference, dial (888) 317-6003 or (412) 317-6061 and enter the participant entry number
3063532, and ask to be joined into the SmartFinancial Call.  A replay of the conference call will be available
through April 14, 2022, by dialing (877) 344-7529 or (412) 317-0088 and entering the confirmation number,

Forward-Looking Statements

Statements in this press release may not be based on historical facts and may be “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
may be identified by reference to future period(s) or by the use of forward-looking terminology, such as
“anticipate,” “estimate,” “expect,” “foresee,” “may,” “might,” “will,” “would,” “could” or “intend,” future or
conditional verb tenses, and variations or negatives of such terms. These forward-looking statements include,
without limitation, statements relating to the expected impact of the proposed transaction between
SmartFinancial and SCB (the “Proposed Transaction”) on the combined entities’ operations, financial
condition, and financial results, (ii) expectations regarding the ability of SmartFinancial to successfully
integrate the combined businesses, and (iii) the amount of cost savings and other benefits that are expected to
be realized as a result of the Proposed Transaction. Readers are cautioned not to place undue reliance on the
forward-looking statements contained in this press release because actual results could differ materially from
those indicated in such forward-looking statements due to a variety of factors. These factors, include, but are
not limited to, the ability to obtain regulatory approvals and meet other closing conditions required to complete
the Proposed Transaction, including necessary approvals by SCB’s shareholders, on the expected terms and
schedule, delays in closing the Proposed Transaction, difficulties and delays in integrating the SCB business or
fully realizing cost savings from and other anticipated benefits of the Proposed Transaction, business
disruption during and following the Proposed Transaction, changes in interest rates and capital markets,
inflation, customer acceptance of the combined business’s products and services, uncertainty as to the extent
of the duration, scope, and impacts of the COVID-19 pandemic on SCB and SmartFinancial and the proposed
transaction, changes in general economic conditions, and other risk factors. Other relevant risk factors may be
detailed from time to time in SmartFinancial’s press releases and filings with the Securities and Exchange
Commission (the “SEC”). All forward-looking statements, expressed or implied, included in this press release
are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Any
forward-looking statement speaks only as of the date of this press release, and neither SmartFinancial nor SCB
undertake any obligation, and each specifically declines any obligation, to revise or update these forward-
looking statements, whether as a result of new information, future developments or otherwise.

Additional Information and Where to Find It

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval with respect to the Proposed Transaction. No offer of securities shall be
made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended,
and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer or
solicitation would be unlawful.
In connection with the Proposed Transaction, SmartFinancial will file with the SEC a registration statement on
Form S-4 (the “Registration Statement”) that will include a proxy statement of SCB and a prospectus of
SmartFinancial (the “Proxy Statement-Prospectus”), and SmartFinancial may file with the SEC other relevant
documents concerning the Proposed Transaction. The definitive Proxy Statement-Prospectus will be mailed to

Free copies of the Proxy Statement-Prospectus, as well as other filings containing information about
SmartFinancial, may be obtained at the SEC’s Internet site (http://www.sec.gov), when they are filed by
SmartFinancial. You will also be able to obtain these documents, when they are filed, free of charge, from
SmartFinancial at www.smartfinancialinc.com. Copies of the Proxy Statement-Prospectus can also be
obtained, when it becomes available, free of charge, by directing a request to SmartFinancial, Inc., 5401
Kingston Pike, Suite 600, Knoxville, TN 37919, Attention: Ron Gorczynski, Chief Financial Officer,
Telephone: (865) 437-5724 or to Sevier County Bank, 111 East Main Street, Sevierville, Tennessee 37862
Attention: John Presley, Executive Chairman, Telephone: (865) 453-6101.

Participants in the Solicitation

SmartFinancial, SCB and certain of their directors, executive officers and employees may be deemed to be
participants in the solicitation of proxies from the shareholders of SCB in connection with the Proposed
Transaction. Information about SmartFinancial’s directors and executive officers is available in its proxy
statement for its 2020 annual meeting of stockholders, which was filed with the SEC on April 17, 2020.
Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the
proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will
be contained in the Proxy Statement-Prospectus pertaining to the Proposed Transaction and other relevant
materials to be filed with the SEC when they become available. Free copies of these documents may be
obtained as described in the preceding paragraph.