IBM Southeast Employees’ Credit Union in Delray Beach, Fla. has completed its acquisition of Mackinac Savings Bank., based in Boynton Beach, Fla.
The merger, announced in June, brings three new branches to IBMSECU’s network for a total of 19 across Florida and Georgia, as well as lending offices in Florida, Massachusetts and Michigan. Membership is open to anyone who lives, works or worships in Palm Beach County.
“We are thrilled that the merger of Mackinac Savings Bank is complete, IBMSECU President and CEO Michael Miller said in a statement. “We are excited about this new chapter. This partnership allows us a greater opportunity to deliver financial solutions and personalized services in the communities we serve. Mackinac Savings Bank employees and customers are now a part of our credit union family, and it’s exciting to combine our cultures of service excellence.”
An IBMSECU representative told CU Journal that all Mackinack employees were retained following completion of the merger.
Prior to the acquisition, Mackinac Savings had $109 million in assets; IBMSECU has $1.09 billion in assets and serves more than 75,000 members. The credit union generated a net income of more than $8 million last year, down from approximately $9.7 million in 2015.