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.
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