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CIB Marine Bancshares to receive $1.3M in asset purchase settlement

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CIB Marine Bancshares to receive $1.3M in asset purchase settlement

CIB Marine BancsharesInc. will receive approximately $1.3 million net of costs to settleclaims related to asset purchase transactions.

The agreement, which will be paid in a structured settlement,relates to asset purchase transactions that incurred in 2006 and 2007. The companyexpects to receive the majority of settlement in the second half. Thecompany will record the transaction as loan loss reversal.

The Waukesha, Wis.-based company reported second-quarter netincome of $1.2 million, or 3 cents per diluted share, compared to a loss of $143,000,or 1 cent per diluted share, in the second quarter of 2015.