The financial landscape of the Treasure Coast has officially entered a new era. On March 6, Michigan-based ELGA Credit Union finalized its acquisition of Marine Bank, formerly the barrier island’s last independent local bank. For residents of Vero Beach and surrounding communities, the familiar financial institution is now operating under a new name: Marine, a Division of ELGA Credit Union.
While the signage is changing across all seven regional locations, leadership assures residents that the community-focused banking experience they have come to rely on will remain intact. Bill Penney will stay on as president and CEO of the Marine division. During the transition over Daylight Saving Time weekend, Penney and ELGA President and CEO Terry Katsur personally oversaw the rebranding efforts across the Treasure Coast, ensuring that the local roots of the institution were honored by retaining the recognizable Marine name and blue ship’s wheel logo.
“We’re excited to finally wrap this up. It is the culmination of two years of hard work, patience and planning. We’re really excited to be a part of the community. We know we have a great opportunity here to make the same positive impact that we’ve made so well in Michigan,” stated Terry Katsur, president and CEO of ELGA Credit Union.
A major concern during any financial merger is the impact on daily customers and dedicated staff. Fortunately, the transition promises deep stability for the Vero Beach community. All 70 tellers and employees across the network—including two banking centers in Vero Beach, branches in Fort Pierce, Sebastian, and Melbourne, and loan offices in Vero Beach and Port St. Lucie—have retained their positions. According to Penney, employees will actually benefit from an improved compensation package, including enhanced family health insurance plans and matching 401(k) contributions.
For loyal Marine Bank customers, the day-to-day banking experience will remain largely uninterrupted. Key operational highlights include:
- Account Continuity: Customer accounts automatically transitioned on March 9 without interruption to online banking, mobile platforms, or cash management services.
- Card Access: Existing debit cards, ATM cards, and ATM machines will continue to function normally. New bank cards reflecting the updated branding will be issued as operational systems fully merge between now and August 1.
- Familiar Faces: Customers will still be greeted by the same local bankers they know and trust.
- Local Mascot: The beloved Mariner Pete pelican mascot will remain a staple of the institution’s community presence.
The merger, originally approved by both boards in June 2024 and recently cleared by the National Credit Union Administration, brings the combined organization’s total assets to approximately $2.3 billion. The newly merged entity now serves 115,000 members across 21 branches in Florida and Michigan. Upon the dissolving of Marine Bank’s board of directors, investors of Marine Bancorp of Florida stock received a favorable payout of $43.75 per share.
Furthermore, the ELGA Credit Union Foundation is already working closely with the Marine division to develop a robust strategy for contributing to local philanthropic organizations.
Moving forward, the infusion of resources from ELGA Credit Union will allow the Marine division to significantly expand its financial offerings to Treasure Coast residents. Customers can look forward to new products previously unavailable, including low-interest automobile loans, unsecured personal lines of credit, and diverse credit card options. As the operational systems integrate over the summer, the newly minted credit union aims to blend its expanded financial power with the intimate local knowledge that made Marine Bank a cornerstone of Vero Beach.
