IBM Southeast Employees’ Credit Union (IBMSECU) of Delray Beach, Fla., announced that it has acquired the $109 million-asset Mackinac Savings Bank of Boynton Beach, Fla.
Mackinac Savings has three banking offices in Palm Beach County, Fla., as well as lending offices in Florida, Massachusetts and Michigan.
IBMSECU said this transaction marks the first time the credit union has acquired a bank. All Mackinac Savings employees are expected to become IBMSECU employees as a result of the deal.
The $980 million IBMSECU has about 75,000 members. The credit union generated net income of about $8.2 million in 2016, according to its call reports, after posting approximately $9.7 million in net income the prior year.
“This partnership allows us a greater opportunity to deliver financial solutions and personalized services in the communities we serve,” said Michael Miller, president and CEO of IBMSECU, in a statement. “We welcome the Mackinac Savings Bank employees and customers to our credit union family.”
