The Seminole Tribe of Florida has agreed to buy Mackinac Savings Bank in Boynton Beach, Fla.

The deal would create Florida's only Native American-owned bank, according to the South Florida Business Journal.

The tribe filed an application earlier this year to buy Valley Bank in Fort Lauderdale, Fla., but later backed out of the deal. Valley Bank, which was part of River Valley Bancorp, failed in June and was sold to Great Southern Bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.