Contact Information: Contact: John P. Hickey, Jr. President and CEO (262) 695-6000 Angela M. Blair Investor Relations Manager (262) 695-6010
CIB Marine Appoints Chief Financial Officer
| Source: CIB Marine Bancshares, Inc.
PEWAUKEE, WI--(Marketwire - January 7, 2008) - CIB Marine Bancshares, Inc. (CIB Marine) is
pleased to announced that Edwin J. Depenbrok has been appointed Chief
Financial Officer (CFO) to succeed Steven T. Klitzing, who resigned on
November 14, 2007.
In February 2007, CIB Marine engaged Mr. Depenbrok through his consulting
firm, dbrok group, LLC, to provide financial management services including
reviewing and analyzing the company's cost structure, identifying
opportunities for cost reductions, and evaluating the company's overall
efficiency levels. Through dbrok group, Mr. Depenbrok will continue to
provide these services in addition to the CFO duties.
Mr. Depenbrok, who has over thirty years of banking and operations
experience, founded dbrok group in 2001 to provide finance and treasury
management services to community banks. Prior to its formation, Mr.
Depenbrok held various senior management positions at Bank One, including
Chief Financial Officer of Bank One's Retail Bank where he was responsible
for coordinating a retail cost management initiative that achieved its goal
of $150 million in run rate cost reductions.
John Hickey, President and CEO of CIB Marine, commented, "Having previously
worked with Mr. Depenbrok at Bank One, I knew that he possessed the right
skill set to take CIB Marine to the next level." Mr. Hickey continued,
"Since joining CIB Marine, Ed has spearheaded major initiatives and
demonstrated a keen ability to troubleshoot and forecast financial trends."
CIB Marine Bancshares, Inc. is a multi-bank holding company with 24 banking
offices in Central Illinois, Wisconsin, Indiana, Florida, and Arizona.
Please visit www.cibmarine.com for additional information.