Marine Bancorp of Florida Announces Pending Merger Closure with ELGA Credit Union

The $650 million community bank expects to finalize the deal in the coming weeks after receiving regulatory and shareholder approvals.

Published on Feb. 17, 2026

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Marine Bancorp of Florida, Inc., the holding company for Marine Bank & Trust Company, has announced that its previously announced merger with ELGA Credit Union has received substantially all regulatory approvals, as well as approval from shareholders. The company expects to close the merger in the coming weeks after finalizing all preparations.

Why it matters

The merger will allow Marine Bank, a community bank serving Florida's central east coast, to expand its reach and customer base by combining with the larger ELGA Credit Union. This consolidation in the regional banking and financial services industry is part of a broader trend as institutions seek to gain scale and efficiency.

The details

Marine Bancorp of Florida, Inc. is the holding company for Marine Bank & Trust Company, a $650 million community bank chartered in 1997 that operates five full-service banking centers and two loan production offices in Vero Beach, Sebastian, Fort Pierce, and Melbourne, Florida. The merger with ELGA Credit Union has received the necessary regulatory and shareholder approvals and is expected to close in the coming weeks.

  • The merger announcement was made on February 16, 2026.
  • The merger is expected to close in the coming weeks after all preparations are finalized.

The players

Marine Bancorp of Florida, Inc.

The holding company for Marine Bank & Trust Company, a $650 million community bank serving Florida's central east coast.

ELGA Credit Union

The credit union that is merging with Marine Bancorp of Florida, Inc. to expand the combined institution's reach and customer base.

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What’s next

The merger is expected to close in the coming weeks after all preparations are finalized.

The takeaway

This merger represents ongoing consolidation in the regional banking and financial services industry as institutions seek to gain scale and efficiency. The combined entity will be able to better serve customers across a broader geographic footprint in Florida's central east coast.