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.”

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