GRAND RAPIDS — Lake Michigan Credit Union’s merger with a Florida bank closed late last week following approval from state and federal regulators.
The acquisition of Encore Bank of Naples gives the Grand Rapids-based Lake Michigan Credit Union six more offices in markets on Florida’s Gulf Coast for a total of 10. The credit union first entered the market in 2015 and had grown to four offices — one each in Naples and Fort Myers and two in Bonita Springs.
“This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers. Encore’s six branches dovetail perfectly with our four Florida branch locations, with no service coverage overlap,” credit union President and CEO Sandra Jelinski said. “Encore is a well-run financial institution that will immediately make our combined team a key player in this market.”
Terms remain undisclosed.
Lake Michigan now has 51 offices in Michigan and Florida The largest credit union in Michigan, Lake Michigan had assets of $5.22 billion at the end of 2017 and $4.14 billion in deposits, according to a quarterly financial report filed with the National Credit Union Administration. The credit union recorded 2017 net income of $80.2 million.
Encore Bank had $385.6 million in assets as of Dec., 31, 2017, with $334.7 million in deposits, according to a quarterly financial report to the FDIC. The bank had 2017 net income of $3.0 million.