In Brief: New Name Follows a Change of Address

Wisconsin last year and recently reincorporated there, has renamed itself CIB Marine Bancshares.

The $1.5 billion-asset company used to be based in Champaign, Ill., and says it moved to Pewaukee because Wisconsin has more favorable corporate laws.

Donald J. Straka, the bank's general counsel and senior vice president, said: "The reincorporation and name change brings us more closely in line with our growth areas of Milwaukee and Chicago. We changed our name to make the holding company more consistent with our subsidiaries."

CIB Marine owns four banks: Central Illinois Bank of Champaign; B Bank of Hillside, Ill.; CIB Bank of Indianapolis; and Marine Bank and Savings of Cedarburg, Wis.

The company has grown to 30 branches since 1987, when it acquired its first community bank in Sidney, Ill., which at the time had $9.4 million of assets. Since then, CIB Marine has expanded with bank acquisitions in larger Midwest markets and focused on serving small and midsize businesses.

A stock conversion accompanying the reincorporation cost about $10,000. -- Craig Woker