Lake Michigan Credit Union (LMCU), headquartered in Grand Rapids has signed a definitive agreement to acquire Encore Bank, headquartered in Naples. 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 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.
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.