Merchants & Marine Bank CEO Clayton Legear Appointed to State Board of Banking Review

Rhea-AI Summary

Clayton Legear, President and CEO of Merchants & Marine Bank, has been appointed to the Mississippi State Board of Banking Review by Governor Tate Reeves. This five-year term, subject to state Senate confirmation, involves oversight of new bank charters and state regulations. Legear emphasizes the importance of positioning state-chartered banks to compete effectively, benefiting local communities and the economy. Since joining Merchants & Marine Bank in 2011 and becoming CEO in 2019, he has focused on balanced growth and risk management, supporting the bank's expansion across Mississippi and Alabama.

Positive

• Legear's appointment enhances the bank's influence in state banking regulations.
• Under Legear's leadership, the bank has shown balanced growth and risk management.
• The appointment can strengthen community ties and financial services in Mississippi.

Negative

• None.

Clayton Legear, President and CEO of Merchants & Marine Bank, has been appointed to the Mississippi State Board of Banking Review by Governor Tate Reeves. The Board is responsible for ruling on applications for new bank charters, conversion charters and protested branches, as well as managing rules and regulations that ensure state-chartered banks have rights and privileges equal to those of national banks. Legear will fill one of two seats on the five-member Board that are reserved for active officers or directors of state-chartered banks. Each of the appointments to the State Board of Banking Review are made by the Governor and confirmed by the state Senate.

Clayton Legear, President & Chief Executive Officer of Merchants & Marine Bank (Photo: Business Wire)

“I am humbled and honored to be entrusted with the important responsibility of supporting Mississippi’s state-chartered banks, as well as the state’s Department of Banking and Consumer Finance,” said Legear. “Ensuring that our state-chartered banks remain well-positioned to compete in a rapidly changing environment and operate in ways that benefit their communities, the state, and our region as a whole is of critical importance to our shared long-term economic success.”

A rising star in the financial services industry, Mr. Legear joined Merchants & Marine Bank in 2011, taking the reins of the bank in 2019 from longtime CEO Royce Cumbest. His tenure at the bank demonstrates a balanced approach to risk and growth in leading an expanding community bank. Under Legear’s leadership, MMB serves customers across all state markets, from big cities to small towns and rural areas. Legear is actively involved in many civic, charitable, and professional organizations throughout the Gulf Coast region.

“What an honor for our bank and for Clayton,” said Royce Cumbest, Chairman of Merchants & Marine Bank’s Board of Directors. “I’m extremely proud of his leadership in ensuring the continued strength and stability of our own organization, and I look forward to his leadership on a broader basis in serving the state of Mississippi.”

Legear’s appointment, which will be confirmed by the Mississippi State Senate during their next session, will be for a five-year term ending in 2026.

About Merchants & Marine Bank

Merchants & Marine Bank is a community bank that provides dedicated financial service, guidance, and support to individuals and businesses throughout the Mississippi & Alabama Gulf Coast region. Headquartered in Pascagoula, Mississippi, the bank currently operates 14 branch offices and one loan and deposit production office, in addition to its new Canvas Mortgage subsidiary. Merchants & Marine Bank is a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTC QX: MNMB).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005785/en/

FAQ

What is Clayton Legear's new role related to MNMB?

Clayton Legear has been appointed to the Mississippi State Board of Banking Review, a position that oversees bank charters and regulations.

What are the implications of Legear's appointment for MNMB?

Legear's appointment could strengthen Merchants & Marine Bank's influence in banking regulations and support its community-focused initiatives.

What is the term length for Clayton Legear on the Board?

Legear's term on the Mississippi State Board of Banking Review is five years, ending in 2026.

Who appointed Clayton Legear to the State Board of Banking Review?

Clayton Legear was appointed by Governor Tate Reeves.

How does Legear plan to support state-chartered banks?

Legear aims to ensure that state-chartered banks are well-positioned to compete and serve their communities effectively.