CIBM Bank Completes Sale of Danville Branch Retail Deposits
- CIB Marine sold $23 million in retail deposits for a gain of $1.5 million
- None.
BROOKFIELD, Wis., June 08, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the parent company of CIBM Bank, announced the closing of the previously announced sale of the retail deposits from the bank’s Danville, Illinois, branch.
J. Brian Chaffin, CIBM Bank’s President & CEO, commented, “This sale of our Danville branch’s consumer deposit accounts is a part of our long-term strategic plan to improve efficiencies by focusing on our core markets. Our Danville branch remains open to service accounts that have been retained by the bank.”
Whitley A. Cummings of Cummings & Company, LLC acted as financial advisor, and Godfrey & Kahn served as legal counsel to CIBM Bank in connection with this transaction.
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices across Illinois, Wisconsin, and Indiana, and has mortgage loan offices and/or officers in nine states. 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
What was the gain from the sale of retail deposits?
What is the purpose of the sale?
