The exchange for the debt economy
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ELGA Credit Union has completed its acquisition of Marine Bancorp of Florida, Inc., the holding company for Marine Bank & Trust Company, following regulatory and shareholder approvals. Under the terms of the deal, Marine Bank shareholders will receive $43.75 in cash for each share owned.
With the transaction finalized, Marine Bank has been rebranded as Marine – A Division of ELGA Credit Union. The move marks ELGA Credit Union’s expansion into Florida while maintaining Marine’s community banking model and local leadership structure.
The combined organization now has approximately $2.3 billion in assets and serves more than 115,000 members across 21 branches in Michigan and Florida. ELGA Credit Union will integrate its consumer and low-income lending expertise with Marine Bank’s commercial banking and treasury management capabilities to expand services for both retail and business customers.
ELGA Credit Union said it will maintain all Marine Bank jobs and banking centers as part of the transition. The organization also plans to expand community engagement and philanthropic efforts throughout Florida’s Treasure Coast and Space Coast regions.
Former Marine Bank President and Chief Executive Officer Bill Penney will continue overseeing Florida operations as Florida Market President of Marine – A Division of ELGA Credit Union. Under the new structure, local leadership will retain decision-making authority for banking centers previously operated by Marine Bank.
ELGA Credit Union, founded in 1951 and headquartered in Grand Blanc, Michigan, operates as a community development financial institution and not-for-profit financial cooperative. Following the acquisition, the organization now serves members across Michigan and Florida, including five full-service branches in Melbourne, Sebastian, Vero Beach, and Fort Pierce, along with loan production offices in Stuart and Port St. Lucie.
Existing Marine Bank customers do not need to take action as their accounts and services will transition automatically as part of the closing process.
KEY QUOTES:
“We are pleased to officially welcome Marine Bank to the ELGA Credit Union family. This partnership strengthens our ability to serve members and customers across Michigan and East Central Florida with a continued commitment to local decision-making. Marine Bank has built a highly regarded reputation in the region thanks to its relationship approach. We are excited to build on that foundation together and uphold our commitment to maintaining all Marine Bank jobs and banking centers, as well as expanding our community giving and involvement efforts throughout the greater Treasure Coast and Space Coast communities.”
Terry Katzur, President And Chief Executive Officer, ELGA Credit Union
“This is an exciting next chapter for Marine – A Division of ELGA Credit Union and its communities. ELGA Credit Union’s scale and resources will strengthen Marine’s ability to support local businesses and families, expand our lending capacity, and enhance the products and services available to customers. At the same time, all branches will have the ability to continue operating with local leadership and decision-making authority, preserving the relationship-driven, community banking model that has long defined who we are at Marine and how we serve.”
Bill Penney, Florida Market President, Marine – A Division Of ELGA Credit Union:
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The exchange for the debt economy