SOURCE: Marine Bank

March 02, 2006 16:12 ET

Marine Bank, Wisconsin and Marine Bank, Arizona Complete Consolidation of Banks

WAUWATOSA, WI -- (MARKET WIRE) -- March 2, 2006 -- The Board of Directors and management of Marine Bank, Wauwatosa, Wisconsin (Marine), and Marine Bank, Scottsdale, Arizona (Marine FSB) announced the completion of the consolidation of Marine FSB and Marine, effective March 1, 2006. Marine and Marine FSB are subsidiaries of CIB Marine Bancshares, Inc., headquartered in Pewaukee, WI. The consolidated bank had total assets of approximately $305 million at December 31, 2005.

As a result of the consolidation, Marine is better positioned to efficiently deliver credit, treasury management and depository services to its clients in all of its markets, which now include metropolitan Milwaukee; Scottsdale and Sun City, Arizona; Henderson, Nevada; and Omaha, Nebraska. In addition, and as part of their community banking philosophy, management in the local markets will retain the flexibility and authority to make decisions to meet the specific needs of their clients and remain competitive in its markets.

Stan Calderon, interim President and Chief Executive Officer of Marine Bank noted, "The consolidation is an important step in our strategy to strengthen our company, increase our ability to meet the needs of the communities we serve, and enhance shareholder value."

Marine Bank operates eleven full-service banking offices in Brookfield, Cedarburg, Franklin, Grafton, Milwaukee, Pewaukee and Wauwatosa, Wisconsin; Henderson, Nevada; Omaha, Nebraska; and Scottsdale and Sun City, Arizona. CIB Marine Bancshares, Inc. is a multi-bank holding company with thirty-seven banking offices in Central Illinois, Wisconsin, Arizona, Indiana, Florida, Nebraska, and Nevada. For more information, visit www.marinebank.com or www.cibmarine.com.

Contact Information

  • Contact:

    Stan Calderon
    Interim President and CEO
    Marine Bank
    312-379-5180

    Jerry Schwallier
    Western Market President
    Marine Bank
    480-368-2600

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