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Marine Bancorp Fla Inc (MBOF) is the holding company for Marine Bank & Trust Company, focused on providing community banking services. Recently, ELGA Credit Union announced the acquisition of Marine Bank, combining consumer lending expertise with commercial offerings. This strategic move aims to serve members better in Michigan and Florida through expanded branches and resources.

The transaction, expected to finalize in early 2025, will retire MBOF stock from OTC markets. ELGA CU's commitment to maintaining all Marine Bank jobs and centers underscores their dedication to local communities and personalized service. With combined assets of $2.2 billion post-acquisition, this partnership is set to enhance banking experiences and philanthropic efforts in Vero Beach and surrounding areas.

06/04/2024 09:00 AM

News

ELGA Credit Union to Acquire Marine Bank & Trust

Rhea-AI Summary

ELGA Credit Union (ELGA CU) has announced a definitive agreement to acquire Marine Bank, a subsidiary of Marine Bancorp of Florida (MBOF), in an all-cash transaction. Shareholders of Marine Bank will receive $43.75 per share. The acquisition, approved by both boards, will combine ELGA CU's consumer and low-income lending expertise with Marine Bank's commercial and treasury management services.

Post-acquisition, ELGA CU will manage assets worth approximately $2.2 billion and operate 18 branches across Michigan and Florida, serving over 105,000 members. The transaction is expected to close in early 2025, pending regulatory and shareholder approvals. Marine Bank's stock will be retired and removed from OTC markets. Bill Penney, Marine Bank's CEO, will remain as Florida Market President.

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FAQ

What is the current stock price of MARINE BANCORP FLA (MBOF)?

The current stock price of MARINE BANCORP FLA (MBOF) is $39 as of August 28, 2024.

What is the market cap of MARINE BANCORP FLA (MBOF)?

The market cap of MARINE BANCORP FLA (MBOF) is approximately 70.4M.

What is Marine Bancorp Fla Inc (MBOF)?

Marine Bancorp Fla Inc is the holding company for Marine Bank & Trust Company, focusing on community banking services in Florida.

What recent acquisition has Marine Bancorp Fla Inc been involved in?

Recently, ELGA Credit Union announced the acquisition of Marine Bank to combine consumer lending expertise with commercial offerings.

What are the key benefits of the acquisition for Marine Bank?

The acquisition aims to enhance banking experiences, expand branches, and increase philanthropic efforts in Vero Beach and nearby communities.

When is the transaction between ELGA Credit Union and Marine Bank expected to be completed?

The transaction is anticipated to be finalized in early 2025, subject to regulatory approvals and closing conditions.

What will happen to Marine Bancorp Fla Inc common stock post-acquisition?

Upon closing, Marine Bancorp Fla Inc common stock will be retired and will no longer be quoted on OTC markets.

What role will Bill Penney play post-acquisition?

Bill Penney will retain the position of Florida Market President and maintain local decision-making authority over banking centers in the communities Marine Bank currently serves.

What is ELGA Credit Union's focus as a community development financial institution?

ELGA Credit Union, a CDFI with assets of $1.5 billion, aims to provide personalized solutions and community-oriented banking services in Michigan.

What is the core mission of ELGA Credit Union?

With a history of 73 years, ELGA Credit Union's core mission is 'Building Lifelong Relationships,' focusing on personalized interactions and member-centric solutions.

How will the acquisition benefit members of Marine Bank?

Members of Marine Bank will benefit from enhanced resources, expanded banking experiences, and continued personalized service through the acquisition by ELGA Credit Union.

Who are the legal and financial advisors involved in the transaction?

Honigman, LLP and McQueen Financial Advisors are serving as legal counsel and financial advisors to ELGA Credit Union, while Igler and Pearlman, P.A. are legal counsels to Marine Bank & Trust.