Merchants & Marine Bancorp (MNMB) is a 13-branch community bank holding company primarily serving Jackson County, Mississippi. Merchants & Marine is rather unusual in that it trades at a significant discount to its tangible book value. The low valuation relative to book value is associated with the company's chronic underperformance compared to community banks on average with a return on equity just above 6.1%. The company is also overcapitalized, with shareholders' equity representing about 12.7% of total assets. The result is that, although the company's book value is approximately $54.50, the company's shares trade at