DELRAY BEACH, Fla.— The $980-million IBM Southeast Employees CU here said it has completed the acquisition of the $109-million Mackinac Savings Bank in Boynton Beach, Fla. The credit union had filed an application with the FDIC in December of 2016 to make the acquisition, as CUToday.info reported here.
Mackinac Savings Bank has three banking offices in Palm Beach County, Fla., as well as lending offices in Florida, Massachusetts and Michigan. Mackinac has over a 50-year history of providing lending and other real estate-related services including a variety of specialty portfolio loans, IBMSECU said in a statement.
The credit union has16 branch locations in Florida and Georgia.
“We are excited and pleased to announce the acquisition of Mackinac Savings Bank,” said Michael Miller, president and CEO at IBMSECU. “This partnership allows us a greater opportunity to deliver financial solutions and personalized services in the communities we serve. We welcome the Mackinac Savings Bank employees and customers to our credit union family and can’t wait to combine our cultures of service excellence.”