Associated tags: Bank, Bank statement, Sale, CIB, FDIC, Insurance
Locations: BROOKFIELD, WI, US, CHICAGO, ILLINOIS, INDIANA, WISCONSIN, DANVILLE
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Growth BROOKFIELD, Wis., April 19, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2024.
Key Points:
- BROOKFIELD, Wis., April 19, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2024.
- Income before tax was $0.2 million for the first quarter of 2024, nominally higher than the fourth quarter of 2023.
- Net income for the first quarter of 2023 was $0.2 million or $0.17 basic or $0.13 diluted net income per share.
- Net interest income was down $0.2 million from the fourth quarter of 2023 and down $0.9 million from the first quarter of 2023.
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Bank BROOKFIELD, Wis., Jan. 26, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and year ended December 31, 2023.
Key Points:
- BROOKFIELD, Wis., Jan. 26, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and year ended December 31, 2023.
- Income before tax was $0.2 million for the fourth quarter of 2023 compared to $1.3 million for the same period of 2022.
- By growing deposits during the fourth quarter of 2023, CIB Marine was able to bring its loan to deposit ratio back below 100% to 99%.
- During the second quarter of 2023, CIB Marine sold $23 million in retail deposits from the Bank’s Danville, Illinois, branch for a gain of $1.5 million, net of conversion related data processing costs.
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Real estate BROOKFIELD, Wis., Oct. 13, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and nine months ended September 30, 2023.
Key Points:
- BROOKFIELD, Wis., Oct. 13, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and nine months ended September 30, 2023.
- The Mortgage Division had a nominal operating loss in the third quarter versus a small operating profit in the second quarter of 2023.
- CIBM’s were $16.3 million and 2.84%, respectively, for the nine months ended September 30, 2023, compared to $17.8 million and 3.25%, respectively, in the same period of 2022.
- For the nine months ended September 30, 2023, Banking Division net income was $2.9 million and Mortgage Division net loss was $0.5 million.
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Mortgage loan BROOKFIELD, Wis., July 18, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2023.
Key Points:
- BROOKFIELD, Wis., July 18, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2023.
- The Mortgage Division had a small operating profit in the second quarter versus a significant loss in the first quarter of 2023, and the Bank’s cost of funds were sharply higher.
- Recently hired mortgage lenders are expected to become more fully established and up-front growth costs should diminish in the second half of 2023.
- Second, and somewhat related, we increased our residential loan portfolio size after seeing it shrink over the prior three years.
BROOKFIELD, Wis., June 08, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the parent company of CIBM Bank, announced the closing of the previously announced sale of the retail deposits from the bank’s Danville, Illinois, branch.
Key Points:
- BROOKFIELD, Wis., June 08, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the parent company of CIBM Bank, announced the closing of the previously announced sale of the retail deposits from the bank’s Danville, Illinois, branch.
- $23 million in retail deposits were sold for a gain of $1.5 million, net of conversion-related data processing costs.
- J. Brian Chaffin, CIBM Bank’s President & CEO, commented, “This sale of our Danville branch’s consumer deposit accounts is a part of our long-term strategic plan to improve efficiencies by focusing on our core markets.
- Our Danville branch remains open to service accounts that have been retained by the bank.”
Whitley A. Cummings of Cummings & Company, LLC acted as financial advisor, and Godfrey & Kahn served as legal counsel to CIBM Bank in connection with this transaction.
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Bank BROOKFIELD, Wis., April 21, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter ended March 31, 2023.
Key Points:
- BROOKFIELD, Wis., April 21, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter ended March 31, 2023.
- CIB Marine’s consolidated total loan portfolio was up $31 million in balances from December 31, 2022, with the main source of growth in commercial loans.
- The Mortgage Division has added 36 mortgage sales employees since the third quarter of 2022 and approximately 7 mortgage operations/administration employees.
- Effective January 1, 2023, CIB Marine adopted the new “current expected credit loss” accounting standard commonly referred to as CECL.
BROOKFIELD, Wis., Jan. 20, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the year ending December 31, 2022.
Key Points:
- BROOKFIELD, Wis., Jan. 20, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the year ending December 31, 2022.
- These improvements were despite $0.8 million lower Paycheck Protection Program (“PPP”) loan fee accretion income and $0.4 million more subordinated debt interest expense in 2022, compared to the prior year.
- Stronger results reflect primarily higher earning asset balances and yields, and the relatively high level of non-interest bearing checking account balances.
- All remaining PPP loans were fully repaid in the third quarter of 2022.
BROOKFIELD, Wis., Jan. 03, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that Frank Binetti had joined its wholly owned subsidiary, CIBM Bank, as its EVP – Director of Mortgage Operations.
Key Points:
- BROOKFIELD, Wis., Jan. 03, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that Frank Binetti had joined its wholly owned subsidiary, CIBM Bank, as its EVP – Director of Mortgage Operations.
- Along with Mr. Binetti, CIBM Bank expects to hire a team of approximately 30 new mortgage loan officers and several operational staff members.
- These additions are forecast to more than double the bank’s mortgage originations and utilize excess operating staff capacity.
- J. Brian Chaffin, CIBM Bank’s President & CEO, commented, “We are delighted to add Frank and his team to our existing mortgage business.
Retrieved on:
Tuesday, December 20, 2022
BROOKFIELD, Wis., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $4.8 million redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Incorporation.
Key Points:
- BROOKFIELD, Wis., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $4.8 million redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Incorporation.
- Effective December 19, 2022, CIB Marine transferred the necessary funds to its redemption agent, Computershare Trust Company, N.A., and approximately 26.4% of CIB Marine’s total outstanding preferred shares (28.5% of outstanding Series A Preferred shares) were redeemed pursuant to the Notice of Redemption and Letter of Transmittal dated December 6, 2022.
- Any preferred shareholders who have not yet tendered their shares, are encouraged to do so as soon as possible.
- CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and two mortgage loan offices in Illinois, Wisconsin and Indiana.
Retrieved on:
Wednesday, December 7, 2022
BROOKFIELD, Wis., Dec. 07, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) has confirmed the redemption date for its previously announced second redemption of preferred stock pursuant to its Second Amended and Restated Articles of Organization.
Key Points:
- BROOKFIELD, Wis., Dec. 07, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) has confirmed the redemption date for its previously announced second redemption of preferred stock pursuant to its Second Amended and Restated Articles of Organization.
- Effective December 19, 2022, approximately 26.4% of CIB Marine’s Series A Preferred shares will be redeemed, on a pro-rata basis, at $825 per share.
- The $4.8 million redemption will be funded by the $10 million of sub-debt issued by the Company during the first quarter of 2022.
- Documentation has been mailed to all preferred shareholders of record by the Company’s redemption agent, Computershare Trust Company, N.A.
