Merchants & Marine Bancorp, Inc. Announces Significant Board Leadership Changes Following 2025 Annual Shareholder Meeting
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) and its wholly owned subsidiary, Merchants & Marine Bank, have unveiled key changes to their Board leadership structure following the company’s 2025 Annual Shareholder Meeting, held on Thursday, May 1, 2025. These updates mark an important shift in the leadership of the Company and its affiliated Bank, as the organization continues to strengthen its vision for future growth and community engagement.
In a move that solidifies its leadership in both governance and strategic direction, Clayton Legear has been named Chairman of the Board for both Merchants & Marine Bancorp and Merchants & Marine Bank. Legear, who has served as President & Chief Executive Officer (CEO) of the Company, the Bank, and its Family of Brands since 2019, succeeds Royce Cumbest in this distinguished role. Cumbest, who has played an instrumental role in the organization’s success over the last four decades, retired from the Board after an exceptional tenure marked by service and commitment.
A Legacy of Leadership: Royce Cumbest’s Remarkable Journey
Royce Cumbest’s retirement from the Board at the age of 68 brings to a close a remarkable and impactful career at the helm of Merchants & Marine Bank. Cumbest’s leadership began in 1985 when he took on the role of President & CEO of Merchants & Marine Bank. His tenure as Chairman of the Board spanned 34 years, beginning in 1991 and concluding with his retirement in 2025. Over the years, Cumbest led the organization through a period of expansive growth and community-focused development, making lasting contributions to both the company and the South Mississippi region.
In addition to his leadership within the Bank and the Company, Cumbest’s influence extended far beyond the financial industry. Throughout his career, he demonstrated a tireless commitment to servant leadership, often prioritizing the needs of the community over personal recognition. His efforts to promote economic development in South Mississippi, paired with his work to support various charitable organizations, have solidified his legacy as one of the region’s most respected figures. Cumbest’s retirement does not signal the end of his involvement, as he will remain an active participant in economic and community development initiatives in the region.
Reflecting on Cumbest’s legacy, Legear remarked, “It is an honor to follow in the footsteps of an extraordinary servant leader like Royce Cumbest, whose legacy of leadership and commitment to both our team and the communities we serve is unmatched. I look forward to continuing to work closely with our Board, our leadership team, and our entire Family of Brands as we continue building on the tremendous legacy that Royce has left.”
Clayton Legear’s Continued Leadership and Commitment
Legear’s new role as Chairman of the Board represents a continuation of his deep-rooted commitment to the success of Merchants & Marine Bancorp and its Family of Brands. Having joined Merchants & Marine Bank in 2011, Legear’s rise within the organization has been marked by steady leadership and strategic foresight. Prior to being appointed President & CEO in 2019, he held various leadership positions within the Bank, including Compliance Manager, Chief Risk Officer, Chief Operating Officer, and President. Legear’s extensive experience within the financial sector, both at Merchants & Marine Bank and with the Federal Deposit Insurance Corporation (FDIC), uniquely positions him to guide the organization into its next phase of growth and innovation.
Legear’s appointment as Chairman ensures continuity and stability for the Company, as he works to maintain the high standards set by Cumbest and further strengthen the culture of servant leadership that has been a hallmark of the Bank’s success. As CEO, Legear has already demonstrated an ability to navigate complex challenges and foster an environment where both employees and customers are valued. His leadership has been instrumental in the Bank’s ability to meet the evolving needs of the community while maintaining financial strength and resilience.
A New Era with Diann Payne as Vice Chairman & Lead Independent Director
Alongside Legear’s promotion to Chairman, the company also announced the election of Diann Payne as Vice Chairman & Lead Independent Director of the Board. Payne, who has served as a Director of Merchants & Marine Bancorp since 2009, brings a wealth of expertise and experience to the role. Having dedicated over two decades of service as the Executive Director of Community Action of South Mississippi, Payne has proven herself to be a stalwart advocate for community development. Her background also includes experience as a bank examiner with the FDIC and as a financial analyst for a prominent banking institution.
Payne’s election to this critical leadership role underscores the Board’s commitment to maintaining a balanced and independent oversight structure, ensuring that the Company’s governance remains transparent, effective, and aligned with the best interests of its shareholders. As Vice Chairman & Lead Independent Director, Payne will continue to chair the Governance, Succession, and Compensation Committee of the Board, where her strategic insight will be invaluable in shaping the direction of the organization.
Legear expressed his enthusiasm about working alongside Payne in her new role, saying, “Diann’s leadership, expertise, and longstanding commitment to our Company and the communities we serve make her an ideal choice for Vice Chairman & Lead Independent Director. Her insights and balanced perspective will continue to be invaluable as we navigate the future and continue to grow our Family of Brands.”
The Future: A Continued Commitment to Growth and Service
The leadership changes announced by Merchants & Marine Bancorp reflect not only a desire for continued growth and innovation but also a commitment to the values that have defined the organization for over a century. As the Company looks ahead, it remains steadfast in its mission to provide exceptional financial services while prioritizing community engagement and economic development. Under the guidance of Legear, Payne, and the rest of the Board, Merchants & Marine Bancorp is well-positioned to build on its legacy of success and drive sustainable growth in the years to come.
The leadership transition also aligns with the company’s ongoing commitment to nurturing talent and fostering a culture of excellence. As it continues to evolve, Merchants & Marine Bancorp remains focused on ensuring that both its employees and customers receive the highest level of service and support. The recent changes to the Board’s leadership, paired with a clear strategic vision, will allow the organization to not only continue its upward trajectory but also to embrace new opportunities in a rapidly changing financial landscape.
Conclusion: A Legacy of Leadership, A Vision for the Future
Merchants & Marine Bancorp’s announcement of these important leadership changes marks a significant moment in the organization’s history. With Clayton Legear stepping into the role of Chairman and Diann Payne assuming the position of Vice Chairman & Lead Independent Director, the Company is poised for continued success and growth. The leadership team, supported by the experience and vision of Cumbest, will work together to ensure that Merchants & Marine Bancorp remains a pillar of strength in the financial sector and an enduring force for good in the communities it serves.
The company’s commitment to servant leadership, community development, and financial excellence will remain at the core of its operations, as it looks to the future with a renewed sense of purpose and optimism. With a dynamic leadership team in place, Merchants & Marine Bancorp is well-positioned to meet the challenges of tomorrow while honoring the traditions and values that have shaped its remarkable success to date.
