Monday, November 28, 2016

IBM Southeast Employee Credit Union to Acquire Florida Bank

Another small bank is being acquired by a large credit union.

It is being reported that IBM Southeast Employee Credit Union (Delray Beach, FL) has filed an application to acquire Boynton Beach-based Mackinac Savings Bank.

IBM Southeast Employee Credit Union has $947 million in assets and 16 branches, according to its most recent call report.

In comparison, Mackinac Savings Bank reported 3 branches and $109.5 million in assets as of September 30.

The deal still requires regulatory approval and the transaction price was not disclosed.

Read the story.

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