CIB Marine Bancshares, Inc. Announces Addition to Board of Directors

Rhea-AI Summary

CIB Marine Bancshares announced the appointment of Ms. Rhonda Hopps, CFA, to its Board of Directors, effective November 18, 2021. With over two decades in finance, Ms. Hopps has significant experience, having managed up to $4 billion at Allstate Investments and held senior roles in the industry. Her current role as Executive Director at Comer Education Campus highlights her commitment to community service. Chairman Mark Elste emphasized the proactive approach in board succession planning and the goal of enhancing diversity and perspectives within the Board.

Positive

• Appointment of Rhonda Hopps brings extensive financial expertise.
• Proactive board succession planning aims to ensure smooth transitions.
• Improved diversity and new perspectives expected on the Board.

Negative

• None.

BROOKFIELD, Wis., Nov. 19, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced today that Ms. Rhonda Hopps, CFA, has been appointed to its Board of Directors, effective November 18, 2021.

Based in the Company’s Chicagoland market, Ms. Hopps has spent the past decade in executive management of charter schools and youth development organizations on Chicago’s south side and currently serves as the Executive Director of Chicago’s Comer Education Campus, an organization that serves over 2,000 youth annually with a dynamic integration of academics, youth enrichment, and college and career preparation. Prior to her service with charter schools, Ms. Hopps served for more than two decades in a variety of positions within the financial industry, including as Director for Red Mortgage Capital’s Chicago, Illinois office; and Senior Portfolio Manager for Allstate Investments, where she managed up to $4 billion in private placement, project finance, and non-rated municipal investments.

“We are thrilled that Ms. Hopps has agreed to join the Board of Directors of CIB Marine. Her extensive financial skills, decades of corporate finance experience, and passion for serving others are an ideal match for a community bank dedicated to supporting the communities we live and work in,” said Mr. Mark Elste, Chairman of the Board of Directors.

He added, “CIB Marine has sought out new Directors up to a year in advance of any anticipated retirements from the Board to ensure a smooth transition for both incoming and departing members of the Board. Through this process, we have been able to pursue another of our corporate goals: to improve the diversity on our Board while adding members with new perspectives and skills. Ms. Hopps will be a strong addition to our Board and we look forward to her insight and guidance for many years to come.”

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

• operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
• economic, political, and competitive forces affecting CIB Marine’s banking business;
• the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
• the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

FAQ

Who is the new board member appointed to CIB Marine Bancshares?

Ms. Rhonda Hopps, CFA, has been appointed to the Board of Directors of CIB Marine Bancshares, effective November 18, 2021.

What experience does Rhonda Hopps bring to CIB Marine?

Ms. Hopps has over two decades in the financial industry, including senior roles at Allstate Investments and Red Mortgage Capital.

What is the significance of Rhonda Hopps' appointment for CIB Marine?

Her appointment is seen as a step towards enhancing the Board's diversity and bringing new perspectives to the company's strategic direction.

When did the appointment of Rhonda Hopps to the Board take place?

The appointment became effective on November 18, 2021.