IBM Southeast Employees’ Credit Union has agreed to buy Oculina Bank in Vero Beach, Fla.

The $1.1 billion-asset credit union did not disclose how much it will pay for the $350 million-asset Oculina. The deal is expected to close in the first quarter.

Oculina, founded in 2004, has eight branches on Florida’s east coast between Stuart and Sebastian.

“This partnership allows us a greater opportunity to deliver financial solutions and personalized services while expanding the communities we serve up the Treasure Coast,” Michael Miller, the credit union’s president and CEO, said in the release. “We welcome Oculina employees and customers to our credit union family and can’t wait to combine our cultures of service excellence.”

The merger will allow Oculina’s existing branches to “offer even more in the way of products and services to our current customers,” Jeffrey Maffett, Oculina’s chairman and CEO, said in the release. The credit union plans to retain all of Oculina’s employees, he said.

“Our customers will still be dealing with the people with whom they forged relationships over the years, but now with more to offer,” Maffett added.

Michael Miller
IBM Southeast Employees' Credit Union, led by CEO Michael Miller, has agreed to buy a community bank in Florida.

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