ELGA Credit Union entered into a definitive agreement to acquire Marine Bank & Trust Company from Marine Bancorp of Florida, Inc. (OTCPK:MBOF) for $43.75 in cash for each share on June 4, 2024. Following the close of the transaction, Bill Penney will remain as Florida Market President and retain local decision-making authority over banking centers in the communities Marine Bank currently serves. The transaction was unanimously approved by the boards of directors of ELGA CU and Marine Bank and is subject to receipt of required regulatory and Marine Bank shareholder approvals as well as the satisfaction of customary closing conditions.

The transaction is expected to be completed in early 2025. Honigman, LLP is serving as legal counsel to ELGA Credit Union and McQueen Financial Advisors is serving as its financial advisor. Igler and Pearlman, P.A. is serving as legal counsel to Marine Bank & Trust.

Piper Sandler & Co. is serving as financial advisor to Marine Bancorp of Florida, Inc. and rendered a fairness opinion to its Board of Directors.