NAPLES, Fla. Two years after its public offering, a small Naples, Fla., banking company is going private.
Marine Bancshares, with $54 million of assets, said Tuesday that its stock is too thinly traded to justify the cost of being a public company. Marine has only 144 shareholders, almost all of them local, according to chairman and chief executive officer Pierce T. Neese.
The conversion is expected to occur in the second quarter.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
