ELGA Credit Union acquires Marine Bank
Subject to Regulatory Approval
GRAND BLANC, MI and VERO BEACH, FL – June 4, 2024 – ELGA Credit Union (“ELGA CU”) and Marine Bancorp of Florida, Inc. (OTCMKTS: MBOF), the holding company for Marine Bank & Trust Company (“Marine Bank”), today announced that the companies have entered into a definitive agreement under which ELGA CU will acquire Marine Bank in an all-cash transaction. Subject to the terms of the agreement, shareholders of Marine Bank will receive $43.75 in cash for each share owned.
The transaction, which was [unanimously] approved by the boards of directors of ELGA CU and Marine Bank, combines ELGA CU’s consumer and low-income lending expertise with Marine Bank’s commercial and treasury management offerings. Upon completion of the transaction, ELGA CU will have total assets of approximately $2.2 billion, serve over 105,000 members and expand the communities it serves to 18 branches throughout Michigan and Florida.
“Throughout ELGA Credit Union’s 73-year history, our mission of Building Lifelong Relationships has remained at the core of our decision making, and we believe this combination with Marine Bank will foster those relationships with our members and the communities we serve,” said Terry Katzur, President and Chief Executive Officer of ELGA Credit Union. “This highly complementary transaction will allow us to bring our expertise in consumer banking and low-income lending to Marine Bank’s communities, while gaining extensive business banking experience. With our combined resources and capital, we will be poised to better serve members and businesses in Michigan and Florida for years to come.”
About ELGA Credit Union
With $1.5 billion in assets, ELGA Credit Union is a community development financial institution (CDFI) that has been a community partner in Michigan since 1951. ELGA CU is a not-for-profit cooperative; formed, owned and operated for a single purpose: members helping members. Visit www.elgacu.com.
About Marine Bank
Marine Bancorp of Florida, Inc. is the holding company for Marine Bank & Trust Company. Marine Bank, a $650 million community bank, was chartered in 1997 and serves the central east coast of Florida with five full-service Banking Centers and two Loan Production Offices in Vero Beach, Sebastian, Fort Pierce and Melbourne.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Andre Gard
Associate
Victor Sicilia
Analyst