CIB Marine narrows losses
CIB Marine Bancshares Inc., the Pewaukee-based parent company of Marine Bank, has posted a net loss of $2.9 million, or 16 cents per share, in the second quarter, which was an improvement over its net loss of $10.3 million, or 57 cents per share, in the same period a year earlier.
The bank holding company said its lower net loss resulted from the positive impact of the company’s emergence from bankruptcy, according to the quarterly report the firm filed with the U.S. Securities Exchange Commission.
CIB Marine Bancshares completed its financial restructuring and emerged from a pre-packaged plan of reorganization under Chapter 11 of the U.S. bankruptcy code in January.
CIB Marine Bancshares is the parent holding company of CIBM Bank, an Illinois-chartered commercial bank that operates as Central Illinois Bank in mid-state Illinois and as Marine Bank in the Milwaukee area, Indianapolis and Scottsdale.
