Merchants & Marine Bancorp, Inc. (OTCQX:MNMB), the parent company of Merchants & Marine Bank, has announced the completion of its capital raise through the United States Treasury’s Emergency Capital Investment Program (ECIP). In exchange for the capital injection, the company has issued senior preferred shares, with a face value equivalent to capital received, to the Treasury. Those preferred shares are nonvoting, noncumulative, perpetual shares that carry a maximum dividend rate of two percent, with the possibility of the dividend being as low as a half percent, or 50 basis points, depending on the bank hitting certain investment benchmarks into disadvantaged communities