Welcome to our dedicated page for Merchants Marine news (Ticker: MNMB), a resource for investors and traders seeking the latest updates and insights on Merchants Marine stock.
Merchants Marine Bancorp Inc (MNMB) provides essential community financial services across Mississippi and Alabama through its subsidiary Merchants & Marine Bank. This news hub offers investors and stakeholders timely updates on corporate developments, regulatory filings, and market positioning.
Access official press releases covering earnings reports, leadership changes, product launches, and strategic initiatives. Our curated collection simplifies tracking of MNMB's financial health and community impact while maintaining strict compliance with disclosure regulations.
Key updates include quarterly results analysis, loan portfolio expansions, digital banking enhancements, and community partnership announcements. Bookmark this page for verified information directly from corporate communications and authorized financial reporting sources.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) has completed a capital raise through the U.S. Treasury’s Emergency Capital Investment Program (ECIP), issuing $50.595 million in nonvoting, noncumulative preferred shares in exchange for the funds. These shares carry a maximum dividend of 2% and will not dilute common shareholder ownership. The bank, designated as a Community Development Financial Institution (CDFI), aims to enhance its community investments while maintaining a strong capital position.
Merchants & Marine Bancorp (OTCQX: MNMB) reported a net income of $153K, or 12 cents per share, for Q1 2022, a decline from $572K, or 43 cents per share, in Q1 2021. Gross revenue increased by 3.21% year-over-year to $6.98 million, attributed to higher interest income and service charges. Loans grew by 3.65% from year-end 2021, and by 11.58% year-over-year, marking three consecutive quarters of over 10% loan growth. Total deposits remained flat at $649.72 million, while total interest expense dropped 32.73% to $368K.
Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp, Inc. (OTC: MNMB), has appointed Grant Walker as the new Pine Belt Market President. Walker brings over 35 years of banking experience, including a notable 14-year tenure as market president at another bank where his team received regional recognition for exceptional customer service. His educational background includes a bachelor's in Comprehensive Business Administration and advanced degrees in banking from top institutions. This strategic hire aims to enhance community-focused banking as the bank continues its growth in Mississippi and Alabama.
Merchants & Marine Bank has promoted Greg Hodges to Chief Banking Officer. Previously serving as Market President for the Pine Belt Region, Hodges brings over 19 years of banking experience. In his new role, he will oversee commercial lending, retail banking, and the bank’s marketing efforts. Hodges will also join the executive leadership team of Merchants & Marine Bancorp, focusing on growth and expansion into new markets. CEO Clayton Legear praised Hodges as a strong leader committed to community service.
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.
Merchants & Marine Bank has unveiled a new branding initiative, including a modern logo and color palette, aimed at reflecting its core values of community and personal service. With over 120 years of service in the Gulf Coast region, the bank emphasizes a commitment to technology and customer convenience. The new logo symbolizes the bank's heritage and forward-thinking approach. President Clayton Legear highlights the importance of the rebranding as a means to continue serving clients and communities for future generations.
Merchants & Marine Bancorp (OTCQX: MNMB) reported a first-quarter 2021 net income of $567,000 (43 cents/share), down from $843,000 (63 cents/share) in Q1 2020. PPP loans reached $36.2 million, comprising 10.28% of the $355.9 million loan portfolio, while total assets surged 24.99% to $745.65 million. Despite loan growth being flat, deposits increased 29.53% to $650.42 million. Operating expenses rose 20.98% to $5.55 million due to expansion and rebranding efforts. Asset quality improved, with past-due loans decreasing to 0.99%. The company is focused on strategic investments for growth.
