ELGA Credit Union to Acquire Marine Bank & Trust
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.
- Shareholders of Marine Bank will receive $43.75 per share in cash.
- Combined entity will have total assets of approximately $2.2 billion.
- The merger expands ELGA CU's footprint to 18 branches across Michigan and Florida.
- ELGA CU will serve over 105,000 members post-acquisition.
- Marine Bank's jobs and banking centers will be maintained.
- Transaction enhances ELGA CU's commercial and treasury management services.
- Marine Bank's philanthropic efforts in Vero Beach and other areas will be expanded.
- Marine Bank's common stock will be retired and no longer quoted on OTC markets.
- Completion of the transaction is subject to regulatory and shareholder approvals.
- Potential integration risks between ELGA CU and Marine Bank.
The transaction, which was unanimously approved by the boards of directors of ELGA CU and Marine Bank, combines ELGA CU's consumer and low-income lending expertise with Marine Bank's commercial and treasury management offerings. Upon completion of the transaction, ELGA CU will have total assets of approximately
"Throughout ELGA Credit Union's 73-year history, our mission of Building Lifelong Relationships has remained at the core of our decision making, and we believe this combination with Marine Bank will foster those relationships with our members and the communities we serve," said Terry Katzur, President and Chief Executive Officer of ELGA Credit Union. "This highly complementary transaction will allow us to bring our expertise in consumer banking and low-income lending to Marine Bank's communities, while gaining extensive business banking experience. With our combined resources and capital, we will be poised to better serve members and businesses in
"This transaction is an exciting opportunity for Marine Bank to join forces with a like-minded, locally-operated organization that shares our values and our commitment to the communities and residents we serve," said Bill Penney, President and Chief Executive Officer of Marine Bank & Trust. "Like us, ELGA CU brings a personalized experience to all of its members. With its wealth of knowledge serving communities and individuals that don't typically have access to banking services, we will be able to expand our base of customers in east central
Katzur concluded, "As a community development financial institution, the root of all ELGA CU's member interactions is our focus on personalized solutions that meet the demands and address the issues of our members and the communities we serve. One of the most compelling aspects of this combination is the fact that Marine Bank is aligned with us in that approach. We look forward to becoming engrained in
Following the close of the transaction, Bill Penney will remain as Florida Market President and retain local decision-making authority over banking centers in the communities Marine Bank currently serves.
Transaction Details, Timing, and Approvals
The transaction is expected to be completed in early 2025, subject to receipt of required regulatory and Marine Bank shareholder approvals as well as the satisfaction of customary closing conditions. Upon closing, Marine Bancorp of
Advisors
Honigman, LLP is serving as legal counsel to ELGA Credit Union and McQueen Financial Advisors is serving as its financial advisor. Igler and Pearlman, P.A. is serving as legal counsel to Marine Bank & Trust. Piper Sandler & Co. is serving as financial advisor to Marine Bancorp of
About ELGA Credit Union
With
About Marine Bank
Marine Bancorp of
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts but are based on certain assumptions and reflect current beliefs and expectations. These forward-looking statements are subject to risks and uncertainties and other important factors that could cause actual results, performance, or achievement to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. Such risks include but are not limited to: (i) the financial performance and condition of MBT and ELGA CU; (ii) the ability of MBT and ELGA CU to obtain necessary regulatory, shareholder, and counterparty approvals for the transactions described herein; (iii) customer and/or employee acceptance of the merger of MBT and ELGA CU; and (iv) economic, interest rate, and stock market conditions. The information set forth herein bespeaks caution and speaks only as of the date hereof, and MBT and ELGA CU disclaim any intention or obligation to update the information contained in this press release.
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SOURCE ELGA Credit Union
FAQ
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