Community banking

Credit union with IBM ties buys Florida bank

By Palash Ghosh June 05, 2017, 12:43 p.m. EDT 1 Min Read

IBM Southeast Employees’ Credit Union in Delray Beach, Fla., has acquired Mackinac Savings Bank in Boynton Beach, Fla.

Mackinac Savings is the first bank acquisition for the $980 million-asset credit union. The $109 million-asset Mackinac Savings has three branches in Palm Beach County, Fla., and lending offices in Florida, Massachusetts and Michigan.

The credit union has 75,000 members. It generated $8.2 million in net income last year, according to its call report. The credit union had $9.7 million in net income in 2015.

“This partnership allows us a greater opportunity to deliver financial solutions and personalized services in the communities we serve,” Michael Miller, the credit union's president and CEO, said in a press release. “We welcome the Mackinac Savings Bank employees and customers to our credit union family.”

This article originally appeared in Credit Union Journal.

For reprint and licensing requests for this article, click here.

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