SOURCE: CIB Marine Bancshares, Inc.
WAUKESHA, WI--(Marketwire - Mar 21, 2013) - Bank holding company CIB Marine Bancshares, Inc. (OTCQB: CIBH) announced today that its wholly-owned banking subsidiary, CIBM Bank, received notification from the Federal Deposit Insurance Corporation and Illinois Department of Financial and Professional Regulation that the Consent Order that CIBM Bank has been operating under since April 2010 was terminated, effective March 20, 2013.
"The removal of the Order is an important milestone for CIBM Bank, which reflects our improved performance over the last several quarters and our team's dedication to improving its capital position, asset quality and profitability. I am thankful for the hard work of our staff and continued support of our clients," said Charles Ponicki, President and CEO.
Although the Consent Order has been terminated, CIBM Bank entered into revised regulatory requirements with the FDIC and IDFPR, effective February 14, 2013. Under the revised regulatory requirements, CIBM Bank remains subject to certain restrictions, including but not limited to maintaining a Tier 1 capital leverage ratio of 8% and Total risk-based capital ratio of 12%, as well as certain restrictions on its ability to pay dividends.
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates 11 banking offices in Central Illinois, Wisconsin and Indiana. More information on the company is available at www.cibmarine.com, including recent shareholder letters, regulatory financial reports (vis-à-vis a web link) and audited financial statements.
CIB Marine has made statements in this earnings release that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as "may," "project," "are confident," "should be," "intend," "predict," "believe," "plan," "expect," "estimate," "anticipate" and similar expressions. These forward-looking statements reflect CIB Marine's current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine's operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine's control, include but are not limited to:
- operating, legal, and regulatory risks;
- economic, political, and competitive forces affecting CIB Marine's banking business;
- the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
- the risk that CIB Marine's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine's actual results may differ materially from the results discussed in forward-looking statements.