GRAND BLANC, Mich., and VERO BEACH, Fla. — ELGA Credit Union said it has completed its acquisition of Marine Bancorp of Florida, Inc., the parent company of Marine Bank & Trust Co., following approvals from regulators and the company’s shareholders.
Under the terms of the deal, shareholders of Marine Bancorp of Florida received $43.75 in cash for each share owned, according to the credit union.
Following completion of the transaction, Marine Bank has been rebranded as Marine – A Division of ELGA Credit Union. Following the acquisition, ELGA Credit Union has approximately $2.3 billion in total assets and serves more than 115,000 members through 21 branches in Michigan and Florida
“We are pleased to officially welcome Marine Bank to the ELGA Credit Union family,” Terry Katzur, president and CEO of ELGA Credit Union, said in a statement. “This partnership strengthens our ability to serve members and customers across Michigan and East Central Florida with a continued commitment to local decision-making.”
‘Relationship-Based Approach’
Katzur said Marine Bank has developed a strong reputation in the region through its relationship-based approach to banking. He added that ELGA intends to maintain all Marine Bank jobs and banking centers and expand community giving and involvement efforts across Florida’s Treasure Coast and Space Coast.
“The combined organization brings together ELGA’s consumer and low-income lending expertise with Marine Bank’s commercial banking and treasury management capabilities,” the credit union said in a statement.
Bill Penney, who previously served as president and CEO of Marine Bank & Trust, will serve as Florida market president of Marine – A Division of ELGA Credit Union and retain local decision-making authority for the banking centers previously operated by Marine Bank.
