Merchants & Marine Bancorp, Inc., along with its wholly owned subsidiary Merchants & Marine Bank, has announced key leadership changes to its Board of Directors following the Company’s 2025 Annual Shareholder Meeting held on Thursday, May 1, 2025.
Clayton Legear, President and Chief Executive Officer of the Company, the Bank, and its Family of Brands since 2019, has been elected Chairman of the Board for both entities. He succeeds longtime Chairman Royce Cumbest, who officially retired from the Board after an outstanding 40-year tenure.
Cumbest served as President and CEO of Merchants & Marine Bank from 1985 to 2019 and as Chairman of the Board from 1991 to 2025. His decades of service reflect a legacy of steadfast leadership and deep commitment to South Mississippi. While stepping down from formal duties, Cumbest will continue to contribute to economic and community development in the region during his retirement.
“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,” said Legear. “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.”
Legear joined Merchants & Marine Bank in 2011 and has held several senior roles, including Compliance Manager, Chief Risk Officer, Chief Operating Officer, and President before being named CEO. Prior to his time at the Bank, he worked with the Federal Deposit Insurance Corporation (FDIC) as a Financial Institution Examiner and Deposit Insurance Claims Specialist.
Diann Payne, who has served as a Director of the Company since 2009, was elected Vice Chairman & Lead Independent Director. Payne brings a wealth of experience from the public and financial sectors, having served as Executive Director of Community Action of South Mississippi for over twenty years. Her background also includes service as a bank examiner for the FDIC and as a financial analyst for a banking institution. Ms. Payne currently chairs the Board’s Governance, Succession, and Compensation Committee.
“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,” said Legear. “Her insights and balanced perspective will continue to be invaluable as we navigate the future and continue to grow our Family of Brands.”
