We’re thrilled to announce that President and CEO Clayton Legear has been appointed to the Mississippi State Board of Banking Review by Governor Tate Reeves. As part of the Board, Clayton will be responsible for ruling on applications of new bank charters, conversion charters, and protested branches, as well as managing rules and regulations that ensure state-chartered banks have the same rights and privileges of national banks.
“I am humbled and honored to be entrusted with the important responsibility of supporting Mississippi’s state-chartered banks, as well as the state’s Department of Banking and Consumer Finance,” said Legear. “Ensuring that our state-chartered banks remain well-positioned to compete in a rapidly changing environment and operate in ways that benefit their communities, the state, and our region as a whole is of critical importance to our shared long-term economic success.”
A rising star in the financial services industry, Clayton has been with MMB since 2011. As many of you know, he previously served the organization as a Compliance Manager and Chief Risk Officer before stepping into his current position as CEO and President in 2019. His tenure at MMB demonstrates a balanced approach to leading a growing community bank as it serves customers across all state markets, from big cities to small towns. Going beyond his everyday job duties to become a true thought leader in community banking, Clayton is passionate about his community and his industry. He has set a standard of continual improvement within MMB.
Clayton is actively involved in many civic, charitable, and professional organizations throughout the Gulf Coast region, including Leadership Mississippi, the United Way, and the Gulf Coast Business Council. He will fill one of two seats on the Board reserved for active officers or directors of state-chartered banks.
“What an honor for our bank and for Clayton,” said Royce Cumbest, Chairman of Merchants & Marine Bank’s Board of Directors. “I’m extremely proud of his leadership in ensuring the continued strength and stability of our own organization, and I look forward to his leadership on a broader basis in serving the state of Mississippi.”
Clayton’s appointment is effective pending confirmation by the Mississippi State Senate and will last for a five-year term ending in 2026.
About Merchants & Marine Bank
Merchants & Marine Bank is a community bank that provides dedicated financial service, guidance, and support to individuals and businesses throughout the Mississippi & Alabama Gulf Coast region. Headquartered in Pascagoula, Mississippi, the bank currently operates 14 branch offices and one loan and deposit production office, in addition to its new Canvas Mortgage subsidiary. Merchants & Marine Bank is a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTC QX: MNMB).
