Contact Information: Contact: John P. Hickey, Jr. President and CEO (262) 695-6000 Angela M. Blair Investor Relations Manager (262) 695-6010
CIB Marine Bancshares, Inc. Agrees to Sell Citrus Bank
| Source: CIB Marine Bancshares, Inc.
PEWAUKEE, WI--(Marketwire - April 3, 2008) - CIB Marine Bancshares, Inc. announced today
that it has reached a definitive agreement to sell all of the branches,
substantially all of the deposits and the majority of the loan portfolio of
its Florida banking subsidiary, Citrus Bank, N.A., to 1st United Bank, a
subsidiary of 1st United Bancorp, Inc., at book value plus a $7 million
premium. The transaction, which is subject to certain conditions including
approval by regulatory authorities, is expected to be completed within two
to four months.
Following closing and receipt of regulatory approval, approximately $27
million in capital (consisting of the premium and certain retained loans)
will be transferred to CIB Marine.
At December 31, 2007, Citrus Bank had approximately $125 million in assets,
$71 million in loans and $103 million in deposits and operates out of 6
locations in Vero Beach, Sebastian, Barefoot Bay, Boca Raton, North Miami
Beach, and Coral Gables.
"The CIB Marine Board of Directors is deeply committed to strengthening the
Company and its banking subsidiaries, creating shareholder value, and
serving our communities," noted Stanley J. Calderon, Chairman of the Board
of CIB Marine. "This sale, together with our ongoing efforts to reduce
expenses and generate revenue, provides clear evidence of our determination
to resolve critical issues and return value to our shareholders."
John P. Hickey, Jr., President and Chief Executive Officer of CIB Marine,
added, "Our Board of Directors carefully evaluated a wide range of
alternatives and determined that the sale of the majority of the assets of
Citrus Bank was in the best interest of our shareholders, employees and
customers. The resulting proceeds from the sale are part of our 2008 plan
to strengthen the capital position of the holding company."
Rick Nisbeth, President and CEO of Citrus Bank, stated, "1st United is a
highly regarded bank headquartered right here in South Florida. I firmly
believe this transaction is in the best interest of our customers, our
employees and our shareholders."
CIB Marine Bancshares, Inc. is a multi-bank holding company with 24 banking
offices in Central Illinois, Wisconsin, Indiana, Florida, and Arizona.
Please visit www.cibmarine.com for additional information.
This statement contains forward-looking information. Actual results could
differ materially from those indicated by such information. Information
regarding risk factors and other cautionary information is available in
Item 1.A of CIB Marine's Annual report on Form 10-K for the period ended
December 31, 2007.