Vero Beach-Based Marine Bank Continued Steady Growth Through 2023

Marine Bank has announced that it continued to grow assets, loans, and deposits through the fourth quarter of 2023.  As a result of its continued positive financial performance, Marine Bank is rated 4-Stars, Excellent by Bauer Financial, the premier bank-rating organization.

The Bank ended 2023 with $654 million in assets, a 3% year-over-year increase over assets as of December 31, 2022, and more than 2% over assets in the previous quarter. Deposits as of December 31, 2023, totaled $583 million, an increase of 1% over deposits at the end of 2022, and 1% more than deposits in the third quarter.  Loans as of December 31, 2023, totaled $454 million, an increase of 7% over loans at the end of 2022, and 2.7% more than loans in Q3 2023. 

In 2023, the Bank assisted 122 families purchase or refinance their homes. The Bank also closed 113 commercial loans which enabled local businesses to expand and create new jobs.

“We continue to attract new clients to our popular business and personal checking accounts due to our outstanding personal service and technological conveniences,” said Bill Penney, President and CEO of Marine Bank. “Our new clients typically come to us seeking relief from the big non-personal banks and they are delighted to experience the Marine Bank difference.”

In 2023, consumers and businesses became very conscious of FDIC insurance. “Our Marine Bank Team is adept at helping clients structure their deposits to gain the maximum possible FDIC insurance coverage,” continued Penney. “Additionally, we offer a reciprocal deposit service that helps our clients obtain FDIC insurance into the millions of dollars.”