Lake Michigan Credit Union in Grand Rapids, Mich., has agreed to buy Encore Bank in Naples, Fla.

The $5.2 billion-asset credit union will pay about $60 million in cash to acquire Encore and its parent company, Ovation Holdings. The deal is expected to close in the first quarter of 2018.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.