SOURCE: Marine Bank

August 02, 2006 16:50 ET

Marine Bank and CIB Bank Complete Consolidation

WAUWATOSA, WI -- (MARKET WIRE) -- August 2, 2006 -- CIB Marine Bancshares, Inc., Pewaukee, Wisconsin (CIB Marine), is pleased to announce the consolidation of CIB Bank, Indianapolis, Indiana (CIBI), into Marine Bank, Wauwatosa, Wisconsin (Marine), effective August 1, 2006. The combined bank had total assets of approximately $370 million at June 30, 2006.

This consolidation provides CIB Marine with an opportunity to improve its financial and operating performance while executing its strategy to increase operating efficiencies, strengthen the company, and enhance shareholder value.

John Hickey, President and CEO of Marine Bank, commented, "This consolidation strengthens Marine's ability to deliver quality banking services to our customers in all of our markets, and we are focused on identifying additional opportunities for operating efficiencies as a result of these consolidations."

Brian Chaffin, Indiana Market President, noted, "This is a very positive move for our bank. Our loyal customers in Indiana will be pleased to know that local management will continue to have the authority to customize products and services to best meet our customers' specific needs."

Marine Bank now operates twelve full-service banking offices including one each in Scottsdale and Sun City, Arizona; two in Indianapolis, and one in Carmel, Indiana; one in Henderson, Nevada; and one each in Brookfield, Cedarburg, Franklin, Milwaukee, Pewaukee and Wauwatosa, Wisconsin. CIB Marine Bancshares, Inc. is a multi-bank holding company with thirty-four banking offices in Arizona, Florida, central Illinois, Indiana, Nevada, and Wisconsin. For more information, visit www.marinebank.com or www.cibmarine.com.

Contact Information

  • Contact:

    John Hickey
    President and CEO
    Marine Bank
    262-695-6000

    Brian Chaffin
    Indiana Market President
    Marine Bank
    317-542-5700

    Angela Blair
    Investor Relations Officer
    CIB Marine Bancshares, Inc.
    312-379-5180