CIB Marine Bancshares, Inc.: Announces additions to Board of Directors

CONTACT: J. Brian Chaffin, President & CEO
(217) 355-0900 
[email protected]

BROOKFIELD, Wis. — Bank holding company CIB Marine Bancshares, Inc. (OTCQB: CIBH) announced today that Mses. Gina Cocking and JoAnn Cotter have been appointed to its Board of Directors, effective November 21, 2019. 

Ms. Cocking is based in the Company’s Chicagoland market and currently serves as Managing Director and Chief Executive Officer of Colonnade Advisors, LLC, an independent investment bank focused on the financial services and business services sectors.  Ms. Cocking will stand for election at the annual meeting of shareholders to be held in 2020. 

Ms. Cotter is based in the Company’s Wisconsin market and is a retired partner of Wipfli LLP where she served as the leader of the firm’s Financial Institutions Practice. 

“We are pleased to welcome these talented women to the Board of CIB Marine Bancshares, Inc.,” said Mr. Mark Elste, Chairman of the Board of Directors. 

“Gina Cocking has over 25 years of experience across a variety of areas including private equity, investment banking, financial services and business services.  Her wealth of knowledge related to business planning, competitive analysis, operating strategies and product development, will be beneficial to the Board and management as the Company continues to improve upon its growth and efficiency objectives,” said Mr. Elste.

He added, “With more than 20 years of experience as a partner with Wipfli, including 15 years as the Leader of the firm’s Financial Institutions Practice, JoAnn Cotter is uniquely capable of understanding the intricacies of our Company’s operations, and provides depth to our Board of Directors for years to come.  We are truly fortunate that such high-caliber leaders have agreed to join our team.”

With the addition of Mses. Cocking and Cotter, the Board of CIB Marine Bancshares, Inc. has been expanded to twelve directors, which is part of the Company’s succession plan to address anticipated retirements from the Board in the next twelve to twenty-four months.

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates eleven banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the company is available at, including recent shareholder letters, links to regulatory financial reports, and audited financial 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 document and any 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.