ELGA Credit Union to acquire Marine Bank & Trust for $80m.

ELGA Credit Union, a community development financial institution that has been a community partner in Michigan, agreed to acquire Marine Bank & Trust, a local community bank committed to helping residents and small businesses, for $80m. "This transaction is an exciting opportunity for Marine Bank to join forces with a like-minded, locally-operated organization that shares our values and our commitment to the communities and residents we serve. Like us, ELGA CU brings a personalized experience to all of its members. With its wealth of knowledge serving communities and individuals that don't typically have access to banking services, we will be able to expand our base of customers in east central Florida. Importantly, ELGA CU has committed to maintaining all Marine Bank jobs and banking centers, as well as expanding our philanthropic efforts throughout Vero Beach and Marine Bank's other communities. I'm confident the future is bright for all of Marine Bank's employees and our customers," Bill Penney, Marine Bank & Trust, President and CEO.