Saturday, April 16, 2016

Lake Michigan CU Establishes Second Home in SW Florida

Lake Michigan Credit Union (Grand Rapids, Michigan) is expanding to Southwest Florida.

A news story reported that the $4.3 billion credit union opened a branch last October in Bonita Springs, Florida.

The credit union's CEO, Sandra Jelinski, told the Business Observer that the credit union plans to make a big push into the Southwest Florida market.

The credit union is opening two branches in Naples this year.

She also stated that the credit union plans to grow through acquisition and that Lake Michigan Credit Union is currently scouting community banks with less than $500 million in assets for acquisition.

Jelinski predicts that in two to three years approximately half of the credit union's assets will be Florida based.

But Jelinski has ambitions to branch out from Southwest Florida, noting that West Palm Beach is an appealing market.

Read the story.

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