Merchants & Marine Bancorp and its wholly owned subsidiary Merchants & Marine Bank announced Board leadership changes following the Company’s 2025 Annual Shareholder Meeting held on May 1, 2025.
Clayton Legear, who has served as President & Chief Executive Officer of the Company, the Bank and its Family of Brands since 2019, has been elected Chairman of the Board of both the Company and the Bank. Legear succeeds Royce Cumbest in this role. Cumbest, who led Merchants & Marine Bank as President & CEO from 1985 to 2019, and also as Chairman of the Board from 1991 to 2025, retired from the Board after four decades of exemplary service. In addition to his service to the Company and the Bank, Cumbest made significant contributions to South Mississippi and beyond through a career of servant leadership. Cumbest will remain actively involved in economic and community development in 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 began his career with Merchants & Marine Bank in 2011. Prior to being named President & CEO in 2019, he served in a variety of leadership roles within the Bank and the Company, including: Compliance Manager, Chief Risk Officer, Chief Operating Officer and President. Before joining the Bank, he worked as a Financial Institution Examiner and Deposit Insurance Claims Specialist with the FDIC.
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 20 years. Her background also includes service as a bank examiner for the FDIC and as a financial analyst for a banking institution. 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.”