Welcome to our dedicated page for Merchants Marine news (Ticker: MNMB), a resource for investors and traders seeking the latest updates and insights on Merchants Marine stock.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) generates a steady flow of news as a community banking organization and parent of Merchants & Marine Bank, a Mississippi‑chartered community bank serving the Gulf South. Its news releases cover financial performance, strategic initiatives, capital actions, brand development, and leadership changes across its family of community banking brands.
Investors and observers following MNMB news will find detailed quarterly financial updates that discuss net income, loan and deposit growth, balance sheet strategies, credit quality metrics, and securities portfolio performance. These updates often explain how acquisitions, such as the purchase of Mississippi River Bank, and balance sheet strategies involving Ginnie Mae guaranteed HECM mortgage‑backed securities and Federal Home Loan Bank funding affect earnings, liquidity, and capital.
Company news also highlights strategic expansion and brand activity. Examples include the launch and growth of CannaFirst Financial, a division focused on medical cannabis banking, its entry into markets such as Alabama, and progress at non‑bank brands like Voyager Lending and Canvas Mortgage. Announcements may describe new leadership appointments, such as board leadership changes or senior hires at key brands, reflecting the company’s emphasis on governance and market development.
Merchants & Marine Bancorp, Inc. also issues news on corporate transactions, including the definitive agreement for Farmers‑Merchants Bank & Trust Company to merge with Merchants & Marine Bank in an all‑cash transaction. Such releases outline expected branding, regulatory approvals, and strategic rationale for expanding the family of brands and asset base. For anyone tracking MNMB, this news stream provides insight into how the company manages growth, community banking operations, specialized financial services, and its role as a Community Development Financial Institution in its regional markets.
Merchants & Marine Bank, a subsidiary of Merchants & Marine Bancorp (OTCQX: MNMB), has been granted Preferred Lender Program (PLP) authority by the U.S. Small Business Administration (SBA). This status allows Voyager Lending, a division of Merchants & Marine Bank, to approve most SBA loans in-house, significantly expediting the approval process.
The PLP status enables the bank to make local decisions and streamline the lending process while still adhering to all SBA 7(a) Loan Program requirements. This development is expected to result in faster turnaround times and a more responsive experience for business clients seeking SBA loans. The agreement between Merchants & Marine Bank and the SBA was made on April 17, 2024.
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Merchants & Marine Bancorp (OTCQX: MNMB) reported a strong first quarter of 2023, achieving net income of $1.161 million, or $0.87 per share, compared to $158 thousand or $0.12 per share in the same period last year. Gross income rose 27.29% to $8.883 million. While total deposits decreased 17.67% year-over-year, adjusting for high-cost public funds showed a decline of only 7.54%. Interest expense also fell 17.29% to $304 thousand. The loan portfolio grew by 12.07%, and credit quality remained strong, with past due loans at 1.04%. The bank adopted CECL, increasing its loan loss reserves to $8.505 million. Furthermore, the company was granted $3.718 million from the CDFI Equitable Recovery Program to support future growth.