IBM Southeast Employees’ Credit Union, a $1.1 billion institution based in Delray Beach, Fla., has agreed to acquire The Oculina Bank, a $350-million bank based in Vero Beach, Fla., subject to regulatory approval.
Oculina, which was founded in 2004, has eight banking offices along the Treasure Coast located from Stuart to Sebastian.
“We are excited and pleased to announce the acquisition of Oculina Bank,” stated Michael Miller, president, and CEO at 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.”
Miller told Credit Union Journal by email that the merger is expected to close in the first quarter of 2019.
Jeffrey Maffett, Oculina’s chairman and CEO, stated that this merger will allow its 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.”
IBMSECU posted net income of almost $5 million in the first six months of 2018, after recording net income of about $8.8 million in calendar 2017.