Lake Michigan CU acquires Encore Bank
Subject to Regulatory Approval
Lake Michigan Credit Union (LMCU) is pleased to announce that their merger with Encore Bank of Naples, Florida is now complete and officially approved by state and federal regulating agencies. Final approval came Thursday, April 19, 2018.
The agreement has been approved by the board of directors of each organization. The acquisition is expected to be completed in the first quarter of 2018, pending state and federal regulator approvals.
This acquisition combines the resources of two very successful financial institutions. LMCU, the largest credit union in Michigan, first entered the southwest Florida market in 2015, eventually opening a total of four branch locations – Naples, Fort Myers and two in Bonita Springs. The merger of Encore Bank adds six new branch locations to the effort in Bonita Springs, Fort Myers, Naples, Port Charlotte and Sun City Center.
Over the next several months, Encore Bank signage will change in stages, as data systems are merged. The officially end entity will be known as Lake Michigan Credit Union of Florida. System changeover should be complete later in 2018.
Statement from LMCU President & CEO:
LMCU President and CEO, Sandra Jelinski said, "We are delighted to join forces with Encore Bank to help strengthen and expand our presence in the growing Southwest Florida market. This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers. Encore's six branches dovetail perfectly with our four Florida branch locations, with no service coverage overlap. Encore is a well-run financial institution that will immediately make our combined team a key player in this market."
Statement from Encore Bank President & CEO:
Tom Ray, previous president/ceo of Encore Bank, will stay on as the president – west Florida region of Lake Michigan Credit Union. “We are very excited to join the LMCU Team. We are proud of the relationships we have built at Encore Bank and I know this partnership will significantly benefit our customers and the communities we serve.”
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
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