Lake Michigan Credit Union (LMCU), headquartered in Grand Rapids, Mich. has signed a definitive agreement to acquire Encore Bank, headquartered in Naples, Fla. The combined entity will have approximately $5.6 billion in assets, over $9 billion in serviced mortgages, with ten branches in Florida and over 40 in Michigan.
“We are delighted that Encore Bank has agreed to join with Lake Michigan Credit Union, to help strengthen and expand our presence in the growing Southwest Florida region,” said Sandy Jelinski, president and chief executive officer of LMCU. “We admire Encore’s high-level of personalized service, focus on improving our communities, and the commitment they have to always doing what’s best for their customers…it’s the same model we live by every day. This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers. Encore’s six branches are a perfect fit for our four Florida branch locations…there is no overlap. Plus, Encore is a healthy, well-run bank with experienced staff that when joined with our staff will immediately make the combined team a key player in this market.”
“We are excited to join the LMCU Team,” said Tom Ray, CEO of Encore Bank, who will stay on as regional president of Lake Michigan Credit Union of Florida after the acquisition is completed. “We are extremely proud of the relationships we have built at Encore Bank and I am convinced this partnership will significantly benefit our customers and the communities we serve.” The agreement was approved by the Board of Directors of each company. The acquisition is expected to be completed in the first quarter of 2018, subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions.
LMCU was advised in this transaction by Mike Bell from Howard and Howard, as legal counsel, and Donnelly Penman and Partners, as financial advisor. Encore Bank was advised by Jack Greeley from Smith Mackinnon, as legal counsel, and the Hovde Group, as financial advisor.
About Lake Michigan Credit Union:
Founded in 1933, Lake Michigan Credit Union, a state chartered credit union, is the largest credit union in Michigan, and is one of the top performing credit unions in the country. With a staff of over 1,000, LMCU’s assets exceed $5.2 billion, and mortgages serviced and portfolioed total over $9 billion. With over 360,000 members, LMCU has 42 branches, including four in Southwest Florida. LMCU members have access to over 55,000 AllPoint ATMs worldwide. LMCU provides a full-range of financial services, from high interest checking accounts (one named by Money magazine as the Best in America), to personal loans, mortgages, investments, and commercial banking. To find out more please visit www.lmcu.org.
About Encore Bank:
Founded in 2010, Encore Bank is headquartered in Naples, Florida and operates as a community focused bank with local decision making. Encore has approximately $400 million in assets and operates six branches in Southwest Florida. Encore’s loan portfolio is balanced between consumer, commercial and commercial real estate and their client base consists of small and mid-sized businesses and their owners, professionals, real estate associations and retirees. To find out more please visit www.EncoreBank.com.