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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.
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.