CIB Marine Bancshares, Inc.
Climate Impact & Sustainability Data (2005, 2008, June 30, 2006, March 31, 2007)
Reporting Period: 2005
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Extensive review of the adequacy of its allowance for loan losses, certain credit quality issues, and related matters resulting from regular examinations by state and federal banking regulators in 2003. This led to substantial delays in completing the audit of financial statements and filing of Form 10-K for 2003 and 2004.
Mitigation Strategies
- The Form 10-K for the period ended December 31, 2003 was filed on October 31, 2005. The audit of the financial statements and filing of the Form 10-K for the period ended December 31, 2004 was underway but not yet completed.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2008
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Inability to meet obligations on Trust Preferred Securities, resulting in default on certain securities.
- Continued net losses during the year ended December 31, 2008, raising substantial doubt about the company's ability to continue as a going concern.
Mitigation Strategies
- Consent solicitation to exchange debentures for shares of non-cumulative perpetual preferred stock.
- Capital plan to address financial challenges.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: June 30, 2006
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Extensive review of the adequacy of its allowance for loan losses, certain credit quality issues, and related matters resulting from regular examinations by state and federal banking regulators in 2003. This led to substantial delays in completing the audit of financial statements and filing of Form 10-K for the periods ended December 31, 2003, 2004, and 2005.
Mitigation Strategies
- Completion of the audit of financial statements for the years ended December 31, 2004 and 2005 and filing all due reports with the Commission.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: March 31, 2007
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Extensive review of the adequacy of its allowance for loan losses, certain credit quality issues, and related matters resulting from regular examinations of certain of its subsidiary banks by state and federal banking regulators in 2003.