CIB Marine Bancshares raises share buyback authorization by $1 million

CIB Marine Bancshares Inc. (OTCQX: CIBH) increased its share repurchase authorization by $1 million, bringing the total program to $3.5 million from $2.5 million. The program runs through December 31, 2026.

The Brookfield, Wisconsin-based company has repurchased approximately $2.4 million of its common stock since the program's inception, according to a press release statement.

"The Board's approval of this increase underscores our confidence in the company's financial strength, our disciplined approach to capital management, and our commitment to maintaining a strong regulatory capital position," said Brian Chaffin, President and CEO.

The company may conduct repurchases through open market transactions or privately negotiated deals, subject to market conditions and regulatory requirements. The timing and amount of repurchases remain at the company's discretion, with no obligation to repurchase any specific number of shares.

CIB Marine Bancshares serves as the holding company for CIBM Bank, which operates nine banking offices and maintains mortgage loan officers in six states.

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