IBM SECU Looking To Acquire Savings Bank


DELRAY BEACH, Fla.—IBM Southeast Employees CU here has filed an application with the FDIC to acquire Mackinac Savings Bank, based in Boynton Beach, Fla., the South Florida Business Journal reported.

The newspaper reported that the acquisition is still pending, including regulatory approval.

The $947-million IBM SECU has 75,000 members and 16 locations across Florida and Georgia.

Mackinac Savings Bank has $110 million in assets.

As previously reported, the Seminole Tribe of Florida in 2014 began constructing a deal to buy Mackinac, but the sale was scrapped the following year.

Michael Bell, attorney and counselor with Royal-Oak, Mich.-based Howard & Howard, one of the leading advisors to credit unions seeking to acquire banks and other businesses, said he expects more CU/bank deals to come out of the Southeast.

“Alabama, Georgia and Florida is fertile ground for these kinds of deals,” said Bell, who has been part of 12 CU/whole bank deals, including one merger of a bank into a credit union.

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Copyright Year: 2019
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