DELRAY BEACH, FL. – The $1.1-billion IBM Southeast Employees Credit Union said it is acquiring the $350-million The Oculina Bank in Vero Beach, Fla.
The deal is still pending regulatory approval.
If approved, IBMSECU will acquire Oculina Bank’s eight offices along the Treasure Coast of Florida. The credit union said Oculina Bank, which was founded in 2004, is known as the “Friendly Bank” after having built a rich history of providing lending and other real estate-related services in its markets.
Those branches would be added to the 19 locations in Florida and Georgia that IBM Southeast EFCU currently operates.
“We are excited and pleased to announce the acquisition of Oculina Bank,” said Michael Miller, president, and CEO of IBMSECU. “This partnership allows us a greater opportunity to deliver financial solutions and personalized services while expanding the communities we serve up the Treasure Coast. We welcome Oculina employees and customers to our credit union family and can’t wait to combine our cultures of service excellence.”
Oculina’s Chairman and CEO, Jeffrey Maffett, issued a statement saying, “This merger will allow our existing branches on the Treasure Coast to offer even more in the way of products and services to our current customers, and as all of our employees are being retained as a result of the merger, our customers will still be dealing with the people with whom they forged relationships over the years, but now with more to offer.”
Skyway Capital Markets, LLC served as financial advisor, and Smith Mackinnon, PA served as legal advisor to IBMSECU in this transaction. Banks Street Partners, LLC served as financial advisor, and Shutts & Bowen, LLP served as legal advisor to Oculina in this transaction.
IBMSEFCU has approximately 82,000 members.