CIB Marine Bancshares, Inc. Announces Expansion of Board of Directors and Appointment of New Director

Rhea-AI Summary

CIB Marine Bancshares (OTCQX: CIBH) expanded its Board from nine to ten members and appointed Dennis Pollack effective February 16, 2026.

Mr. Pollack will also join the CIBM Bank board and is in the director class standing for re-election in 2028. The company set a virtual Annual Meeting for April 30, 2026, with three directors standing for election.

CIB Marine operates nine banking offices and mortgage loan officers/offices in six states.

Annual Meeting of Shareholders Set for April 30, 2026

BROOKFIELD, Wis., Feb. 13, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the parent company of CIBM Bank, has approved an expansion of the Board from nine to ten members. The newly created seat has been filled with the appointment of Mr. Dennis Pollack, effective February 16, 2026. Mr. Pollack will also join the Board of Directors of the Company’s wholly owned subsidiary, CIBM Bank.

Mr. Pollack will serve in the director class scheduled to stand for re‑election at the Company’s 2028 Annual Meeting of Shareholders.

The Company also announced that its 2026 Annual Meeting of Shareholders will be held virtually on April 30, 2026. Standing for election at the 2026 Annual Meeting will be Directors Gina M. Cocking, Mark A. Elste, and Steven C. Palmitier.

“We are very pleased to welcome Mr. Pollack to our Boards,” said Mark Elste, Chairman of CIB Marine. “He brings extensive leadership experience within financial institutions and a deep understanding of the banking industry. His banking expertise, knowledge of the broader markets, and skills in strategic planning and implementation will further strengthen our commitment to creating value for our shareholders and we look forward to his contributions.”

Mr. Pollack brings significant board and executive management experience to CIB Marine. His background includes executive roles at Sony Corporation of America, the Connecticut Bank of Commerce, the Savings Bank of Rockland County, and Paulson & Company. He has served on the boards of several depository institutions, including TF Financial Corp., SI Financial Group, Prudential Bancorp, and Provident Bancorp.  

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices and has mortgage loan officers and/or offices in six states. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

• operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
• economic, political, and competitive forces affecting CIB Marine’s banking business;
• the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
• the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

FAQ

Who is the new director appointed to CIB Marine (CIBH) and when does his term start?

Dennis Pollack was appointed as a director effective February 16, 2026. According to the company, he will also join the CIBM Bank board and serve in the director class scheduled for re-election in 2028, bringing prior banking and board experience.

What change did CIB Marine (CIBH) make to its Board of Directors on February 13, 2026?

CIB Marine expanded its Board from nine to ten members and filled the new seat. According to the company, this added seat was filled to strengthen board expertise with the appointment of Dennis Pollack effective February 16, 2026.

When is CIB Marine's (CIBH) 2026 Annual Meeting and which directors are up for election?

The 2026 Annual Meeting will be held virtually on April 30, 2026. According to the company, directors Gina M. Cocking, Mark A. Elste, and Steven C. Palmitier will stand for election at that meeting.

What experience does Dennis Pollack bring to CIB Marine's (CIBH) board?

Mr. Pollack brings executive and board experience in financial institutions and related firms. According to the company, his background includes roles at Sony Corporation of America and several depository institution boards, adding banking and strategic planning expertise.

How extensive is CIB Marine's (CIBH) branch and mortgage footprint as disclosed with the board update?

CIB Marine operates nine banking offices and has mortgage loan officers and/or offices in six states. According to the company, this footprint supports its retail and mortgage services across multiple states.