IBMSECU completes acquisition of second Florida bank

IBM Southeast Employees’ Credit Union of Delray Beach, Fla., has completed its acquisition of the $350 million-asset Oculina Bank of Vero Beach, Fla.

IBMSECU said on Wednesday that a “subsequent conversion” of Oculina’s branches will be completed in the fourth quarter of this year.

Terms of the acquisition were not disclosed.

IBMSECU will retain all of Oculina’s eight branch locations as well the branch staff. Founded in 2005, Oculina has branches along the Treasure Coast of Florida’s Atlantic shoreline from the towns of Stuart to Sebastian.

"We are thrilled to complete the merger and acquisition of Oculina Bank,” Michael Miller, president and CEO of IBMSECU said in a statement.

As reported, IBMSECU agreed to acquire Oculina Bank last summer in a push to expand the markets it serves. In August 2017, the credit union acquired Mackinac Savings Bank of Boynton Beach, Fla.. More and more credit unions across the Sunshine State continue to purchase banks, with Power Financial CU, Fairwinds CU and VyStar CU among the Florida-based credit unions announcing bank deals so far this year.

With $1.1 billion (pre-merger) in assets, IBMSECU posted net income of about $10.7 million in 2018, a 22 percent increase over the prior year.