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Merchants & Marine Bancorp reports news as the parent company of Merchants & Marine Bank, with updates centered on community banking operations, operating results, loan and deposit trends, securities portfolio disclosures, and capital structure. Coverage also includes its Community Development Financial Institution status and completed capital actions involving senior preferred shares issued through the U.S. Treasury’s Emergency Capital Investment Program.
Company news also covers governance matters, including board leadership changes, and developments at CannaFirst Financial, a division of Merchants & Marine Bank that provides banking and financial services for cannabis-related businesses in markets with established programs.
Merchants & Marine Bancorp (MNMB) will rename its wholly owned bank subsidiary TownBridge Bank on September 28, 2026. The change creates a shared legal bank name for six company brands, which will continue using their existing names as divisions of TownBridge Bank.
Those brands are Merchants & Marine Bank, Mississippi River Bank, Farmers-Merchants Bank, Canvas Mortgage, CannaFirst Financial and Voyager Lending. The name change does not involve a sale, merger, acquisition or change in ownership or leadership. TownBridge Bank will retain the existing bank board and executive leadership team. The company intends to seek shareholder approval at its 2027 annual meeting to align the parent company’s name with TownBridge.
Merchants & Marine Bancorp (OTCQX: MNMB) reported net income available to common shareholders of $11.37 million, or $8.36 per share, through June 30, 2026, up from $0.88 million, or $0.66 per share, a year earlier. Total income rose 109.8% to $53.31 million.
Total assets grew 42.1% year over year to $1.35 billion, with net loans up 42.1% to $677.13 million and deposits up 61.4% to $972.95 million. The acquisition of Farmers-Merchants Bank, which closed April 1, 2026, added $239.50 million in loans and accounted for most of the interest income increase.
Cash and cash equivalents totaled $115.80 million, and the company reported more than $200 million of additional borrowing capacity. The board authorized a share repurchase program for up to 3% of outstanding common stock, effective through June 30, 2027, to be funded with cash on hand and operating cash flow.
Merchants & Marine Bancorp (OTCQX: MNMB) reported Q1 2026 net income of $346 thousand ($0.26 per share) versus $814 thousand ($0.52) a year earlier; net income to common was $93 thousand ($0.07 per share). Total income rose 17.99% to $13.58 million and assets reached $961.6 million.
Total deposits grew 4.59% to $625.7 million, while net loans edged down 0.62% to $442.8 million. Interest income increased 20.89% to $11.43 million, supported by a $200 million leverage strategy in floating-rate, government‑guaranteed securities. The Farmers-Merchants Bank acquisition closed April 1, 2026; that bank generated $2.38 million in Q1 pre-tax income when merger costs are added back. Credit metrics were stable, with nonaccrual loans at 1.55% of total loans and ample liquidity from $109.9 million in cash plus over $200 million in unused borrowing capacity.
Merchants & Marine Bancorp (OTCQX: MNMB) completed its acquisition by merger of Farmers-Merchants Bank & Trust Company effective April 1, 2026 at 12:01 AM CST.
The all-cash deal expands operations into the Acadiana region and results in consolidated assets of approximately $1.3 billion, gross loans of $691 million, and deposits of $951 million (unaudited).
Merchants & Marine Bancorp (OTCQX: MNMB) reported Q4 2025 net income of $973k ($0.72/share) versus $2.262M ($1.70/share) year-ago. Full-year highlights include gross income $14.39M Q4, assets $941.19M (up 31.29%), net loans $445.54M (down 4.05%), and deposits $598.28M (up 4.32%).
Management cited a temporary $200M HECM match-funding strategy and announced a pending merger with Farmers-Merchants Bank, expected to close in early Q2 2026.
Merchants & Marine Bancorp (OTCQX: MNMB) reported third-quarter 2025 results with net income of $1.42M ($1.07/share) versus $1.93M ($1.45/share) a year earlier and gross income of $14.88M, up 14.17% year-over-year. Total assets rose 30.55% to $947.47M at Sept. 30, 2025. Management executed a $200M matched funding strategy using floating-rate Ginnie Mae HECM securities funded by FHLB advances, producing roughly an 80 bp spread. Credit metrics: non-accrual loans increased to 1.59% and AOCI mark-to-market losses were ($7.77M) at quarter end.
Merchants & Marine Bancorp (NASDAQ:MNMB) and Farmers-Merchants Bank & Trust announced a definitive merger agreement under which FM Bank will merge into Merchants & Marine Bank in an all-cash transaction.
The boards unanimously approved the deal, which is expected to close in Q2 2026, subject to customary closing conditions, required regulatory approvals, and FM Bank shareholder approval. FM Bank will operate as a division under its existing brand and Fred Mills will remain as President and CEO.
Advisors: Janney Montgomery Scott provided a fairness opinion to MNMB; Phelps Dunbar advised MNMB; National Capital advised FM Bank; Fenimore Kay Harrison advised FM Bank.
Merchants & Marine Bancorp (OTCQX: MNMB) announced significant board leadership changes following its 2025 Annual Shareholder Meeting. Clayton Legear, who has served as President & CEO since 2019, has been elected as Chairman of the Board for both the Company and the Bank, succeeding Royce Cumbest. Cumbest, who led the bank as President & CEO from 1985 to 2019 and as Chairman from 1991 to 2025, is retiring after 40 years of service.
Additionally, Diann Payne, a director since 2009, has been elected as Vice Chairman & Lead Independent Director. Payne, who chairs the Board's Governance, Succession, and Compensation Committee, brings extensive experience from her roles as Executive Director of Community Action of South Mississippi and previous positions at the FDIC.
CannaFirst Financial, a leading cannabis banking solutions provider, has appointed Nicole Perry as Director of National Sales. Perry brings over 20 years of financial services experience and multiple industry certifications including CCBP, CBPA, CTM, and PBC-1.
In her new role, Perry will lead national sales and marketing initiatives, oversee strategic business development, manage social media and trade show engagement, and enhance cannabis-focused financial services. She previously served as Cannabis Banking Program Manager at Credit Union 1 and held leadership positions at The Dart Bank and Fifth Third Bank.
Perry holds a Master's in Human Resources Management from Central Michigan University and a Bachelor's in Business Administration from Davenport University. The appointment aims to strengthen CannaFirst Financial's position in states with established cannabis programs.