ELGA Credit Union Finalizes Florida Bank Acquisition in $2.3B Deal

GRAND BLANC, MI & VERO BEACH, FL – March 09, 2026 – ELGA Credit Union has officially completed its acquisition of Marine Bancorp of Florida, Inc., the parent company of Marine Bank & Trust. The deal, which closed today, creates a formidable multi-state financial institution with approximately $2.3 billion in assets and a combined membership of over 115,000 people across Michigan and Florida.

Under the terms of the agreement, which received full shareholder and regulatory approval, Marine Bancorp shareholders will receive $43.75 in cash for each share of common stock. With the transaction complete, Marine Bank has been rebranded and will now operate as Marine - A Division of ELGA Credit Union.

This move marks a significant strategic expansion for the Grand Blanc, Michigan-based credit union, extending its footprint into the competitive East Central Florida market and diversifying its service offerings.

A Cross-State Combination Years in the Making

The journey to this landmark acquisition began nearly two years ago, with the initial announcement made in June 2024. The deal represents a growing trend in the financial industry where credit unions are acquiring whole banks to achieve scale, enter new markets, and enhance their service portfolios. This particular transaction was noted as one of over a dozen similar deals proposed in 2024.

While the path to completion was ultimately successful, it was not without its hurdles. The process faced delays in 2025, reportedly due to staffing and leadership backlogs within the National Credit Union Administration (NCUA), the federal agency responsible for approving such mergers. Overcoming these regulatory challenges underscores the strategic importance both institutions placed on the partnership.

“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,” said Terry Katzur, President and Chief Executive Officer of ELGA Credit Union. “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.”

Blending Strengths for Broader Horizons

The merger is more than just a geographical expansion; it represents a powerful fusion of distinct financial expertises. ELGA Credit Union, a designated Community Development Financial Institution (CDFI), brings a long history of success in consumer banking, member-focused services, and specialized lending for low-income communities. This complements Marine Bank’s established strength in commercial banking, business lending, and sophisticated treasury management services.

This combination is poised to create a comprehensive financial powerhouse capable of serving a wider spectrum of needs. Individuals and families will benefit from ELGA’s member-centric approach and community development focus, while local businesses gain access to the expanded lending capacity and resources of a larger institution. The new entity is better positioned to compete with larger national banks while retaining a community-oriented ethos.

The combined organization will now operate 21 branches, including five full-service locations on Florida's central east coast in Melbourne, Sebastian, Vero Beach, and Fort Pierce, along with loan production offices in Stuart and Port St. Lucie.

Preserving the Community Bank Model

Amid the news of the acquisition, leaders from both organizations have been vocal about their commitment to preserving the local, relationship-driven service that defined Marine Bank. A cornerstone of the agreement is ELGA CU’s pledge to maintain all Marine Bank jobs and banking centers, a move designed to reassure both employees and the communities they serve.

Furthering this commitment, Bill Penney, the former President and CEO of Marine Bank & Trust, will remain at the helm of the Florida operations. He will serve as the Florida Market President for Marine - A Division of ELGA Credit Union, retaining local decision-making authority over the Florida branches.

“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,” added Penney. “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.”

ELGA’s status as a CDFI also brings a new dimension of community investment to the Treasure Coast and Space Coast, with the credit union planning to expand its community giving and involvement efforts in its new Florida markets.

What Customers and Members Can Expect

For customers of the former Marine Bank, the transition is designed to be as seamless as possible. Leaders have stated that customers do not need to take any immediate action, as their accounts, checks, debit cards, and existing online banking services will continue to function normally for the time being.

Full system and account integration is scheduled to be completed on or before August 1, 2026. Following this conversion, customers will gain access to the full suite of ELGA CU benefits, including a network of over 30,000 surcharge-free ATMs nationwide, an expanded portfolio of consumer and business financial products, and enhanced digital banking tools.

One key administrative change is the transition of deposit insurance. Accounts formerly insured by the Federal Deposit Insurance Corporation (FDIC) will now be covered by the National Credit Union Administration (NCUA). Both federal insurers provide the same level of protection, insuring deposits up to $250,000 per individual depositor. Customers are encouraged to visit the Marine Bank website or contact their local branch with any questions regarding the transition.