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Merchants & Marine Bancorp, Inc. Announces Board Leadership Changes

via Business Wire

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) and its wholly owned subsidiary Merchants & Marine Bank proudly announce Board leadership changes following the Company’s 2025 Annual Shareholder Meeting held on Thursday, May 1, 2025.

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Clayton Legear

Clayton Legear

Clayton Legear, who has served as President & Chief Executive Officer of the Company, the Bank, and its Family of Brands since 2019, has been elected Chairman of the Board of both the Company and the Bank. Legear succeeds Royce Cumbest in this role. Cumbest, who led Merchants & Marine Bank as President & CEO from 1985 to 2019, and also as Chairman of the Board from 1991 to 2025, retired from the Board after four decades of exemplary service. In addition to his service to the Company and the Bank, Cumbest made significant contributions to South Mississippi and beyond through a career of servant leadership. Cumbest will remain actively involved in economic and community development in retirement.

“It is an honor to follow in the footsteps of an extraordinary servant leader like Royce Cumbest, whose legacy of leadership and commitment to both our team and the communities we serve is unmatched,” said Legear. “I look forward to continuing to work closely with our Board, our leadership team, and our entire Family of Brands as we continue building on the tremendous legacy that Royce has left.”

Legear began his career with Merchants & Marine Bank in 2011. Prior to being named President & Chief Executive Officer in 2019, he served in a variety of leadership roles within the Bank and the Company, including: Compliance Manager, Chief Risk Officer, Chief Operating Officer, and President. Before joining the Bank, he worked as a Financial Institution Examiner and Deposit Insurance Claims Specialist with the FDIC.

Diann Payne, who has served as a Director of the Company since 2009, was elected Vice Chairman & Lead Independent Director. Payne brings a wealth of experience from the public and financial sectors, having served as Executive Director of Community Action of South Mississippi for over twenty years. Her background also includes service as a bank examiner for the FDIC and as a financial analyst for a banking institution. Ms. Payne currently chairs the Board’s Governance, Succession, and Compensation Committee.

“Diann’s leadership, expertise, and longstanding commitment to our Company and the communities we serve make her an ideal choice for Vice Chairman & Lead Independent Director,” said Legear. “Her insights and balanced perspective will continue to be invaluable as we navigate the future and continue to grow our Family of Brands.”

About Merchants & Marine Bancorp, Inc.

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) is the parent company of Merchants & Marine Bank (the “Bank”), a Mississippi-chartered community bank serving the Gulf South region. Initially founded in 1899, Merchants & Marine Bank was reborn in 1932 during the middle of the worst economic disaster in the history of the United States: The Great Depression. More than nine decades later, Merchants & Marine Bank has grown from a strong community bank to a strong and growing family of community banking brands. The Bank provides a full array of community banking services through its Merchants & Marine Bank and Mississippi River Bank brands. The Bank offers mortgage financing through its Canvas Mortgage brand, medical cannabis banking and payment solutions through its CannaFirst Financial brand, government-guaranteed credit solutions through its Voyager Lending brand, and bank operational and support services through its Community of Resources bank services brand. For more information on Merchants & Marine Bancorp, Inc., visit https://mandmbank.com/investor-relations.

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