Lake Michigan Credit Union (Grand Rapids, MI) has announced that it will acquire Encore Bank (Naples, FL).
Lake Michigan Credit Union has $5.2 billion in assets.
Encore Bank has $418 million in assets and 6 offices.
The agreement has been approved by the board of directors of each organization. The acquisition is expected to be completed in the first quarter of 2018, pending state and federal regulator approvals.
This is the largest transaction of a credit union buying a bank by asset size to date.
Terms of the deal were not disclosed.
Read the Tampa Bay Business Journal.
See the story at CU Today.
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