Wednesday, April 3, 2019

IBM Southeast Employees CU Completes Acquisition of Oculina Bank

IBM Southeast Employees Credit Union (Delray, FL) completed its acquisition of Oculina Bank (Vero Beach, FL) on April 3, 2019.

The combined institution, will have almost $1.5 billion in assets.

According to documents obtained from the Florida office of Financial Regulation, the credit union will not engage in any nonconforming or impermissible activities. IBM Southeast Employees CU will not conduct commercial banking powers under Oculina Bank's charter. Within six months of the merger being consummated, the Florida Office of Financial Regulation will be submitted documentation verifying that depositors and borrowers of Oculina Bank have opted-in to become a member of the credit union, have moved their account relationship to another financial institution, closed their account or paid off their loan.

Read the press release.
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