8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 13, 2009

CIB Marine Bancshares, Inc.

(Exact name of registrant as specified in its charter)

Wisconsin	000-24149	37-1203599
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

N27 W24025 Paul Court, Pewaukee, Wisconsin	53072
(Address of principal executive offices)	(Zip Code)
(262) 695-6010
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01

Results of Operations and Financial Condition.

On November 13, 2009, CIB Marine Bancshares, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2009.  A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.  

Item 9.01.

Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated November 13, 2009.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  November 13, 2009	CIB Marine Bancshares, Inc.
	By:  /s/ Edwin Depenbrok
	Name: Edwin Depenbrok Title: Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated November 13, 2009.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	FOR MORE INFORMATION
November 13, 2009	Evan Zeppos -414-276-6237 / 414-491-6610

CIB MARINE BANCSHARES, INC.

ANNOUNCES THIRD QUARTER RESULTS

PEWAUKEE, WI – CIB Marine Bancshares, Inc. (PINKSHEETS: CIBH) today announced that its performance for the third quarter of 2009 continued to show operating losses.  Since that quarter, the bank holding company has received court approval for its pre-packaged plan of reorganization and the process is currently under way to reorganize the company and return it to profitability.

“Our third quarter results are not surprising for those who have been following our process toward reorganization, but now, with the plan confirmed by the court and in motion, we are working to return CIB Marine Bancshares to profitability in 2010,” said John P. Hickey, Jr., president and CEO.

CIB Marine Bancshares’ reorganization plan converts debt issued in conjunction with the company’s trust preferred securities offerings into equity in the form of its non-cumulative perpetual preferred stock.  The plan facilitates the restructuring and de-leveraging of CIB Marine, enhances its regulatory capital position, provides for full payment of allowed unsecured claims and allows CIB Marine to continue its businesses in the ordinary course.

In the third quarter of 2009, the company’s net loss was $13.9 million or $0.77 per share.  This compares to a net loss of $11.2 million, or $0.61 per share for the third quarter of 2008.  At September 30, 2009, total assets were $779.7 million compared to $906.0 million at December 31, 2008.  Company officials said this decline reflected lower loan balances and planned reductions in the investment portfolio.  Net interest margin declined to 1.59% in the third quarter of 2009 compared to 2.15% in the third quarter of 2008, as a result of the continuing impact of accrued interest expense related to the trust preferred securities, increased levels of non-performing loans and company efforts to strengthen its

liquidity position.  The provision expense for the third quarter of 2009 was $10.1 million compared to the $10.1 million in the third quarter of 2008.

Capital ratios at the company’s subsidiary, CIBM Bank remained strong and are above the guidelines established by regulators to qualify as an adequately capitalized bank.  Hickey noted that liquidity remains strong and customer deposits remain safe, secure and insured.

CIB Marine Bancshares, Inc. is a one-bank holding company with 17 banking offices in central Illinois, Wisconsin, Indiana and Arizona.  Please visit www.cibmarine.com for more information.

“The last few years have been difficult, but we look forward to completing our efforts to build a stronger company and improve its financial performance in the coming year,” said Hickey.

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This statement contains forward-looking information. Actual results could differ materially from those indicated by such information. Information regarding risk factors and other cautionary information is available in Item 1A of CIB Marine’s Annual Report on Form 10-K for the period ended December 31, 2008 and updated in Item 1A of Part II of CIB Marine’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.

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