On June 10, 2024, Stilwell Value LLC announced that on June 8, 2024, ICC Holdings, Inc. announced that it had entered into an Agreement and Plan of Merger with Mutual Capital Holdings, Inc. and Mutual Capital Merger Sub, Inc., pursuant to which Mutual Capital Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Mutual Capital Holdings, Inc. Stilwell Value added that following the announced Merger, on June 10, 2024, Stilwell Activist Investments notified the Company of its withdrawal of the Stilwell Value Nominee for election to the Company?s Board of Directors at the annual meeting. Stilwell Value also stated that accordingly, it is filing this second supplement to its Definitive Proxy Statement with the SEC to disclose that it has terminated its proxy solicitation for the election of the Stilwell Value Nominee and will not vote any proxies received from shareholders of the Company on the green proxy card at the annual meeting. Stilwell Value stated that the Company has chosen to sell itself and is supportive of the Merger.

Stilwell Value expressed its view that this outcome is in the best interest of all the Company shareholders and would like to thank its fellow shareholders who supported Stilwell Value throughout this process.