2017-08-16 / Top News

Lake Michigan Credit Union buys Encore Bank of Naples

RAY RAY Lake Michigan Credit Union is acquiring Encore Bank, headquartered in Naples. The combined entity will have approximately $5.6 billion in assets, over $9 billion in serviced mortgages, with 10 branches in Florida and over 40 branches in Michigan. LMCU’s headquarters is in Grand Rapids, Mich.

“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 admire Encore’s high-level of personalized service, focus on improving our communities, and the commitment they have to always doing what’s best for their customers ... it’s the same model we live by every day.”

“This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers,” Ms. Jelinski said. “Encore’s six branches are a perfect fit for our four Florida branch locations. There is no overlap. Plus, Encore is a healthy, well-run bank with experienced staff that when joined with our staff will immediately make the combined team a key player in this market.”

JELINSKI JELINSKI Tom Ray, CEO of Encore Bank, will stay on as regional president of Lake Michigan Credit Union of Florida after the acquisition is completed.

“We are excited to join the LMCU Team,” said Mr. Ray. “We are extremely proud of the relationships we have built at Encore Bank and I am convinced this partnership will significantly benefit our customers and the communities we serve.”

The agreement was approved by the boards of directors of each company. 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.

Founded in 1933, LMCU is the largest credit union in Michigan, and is one of the top performing credit unions in the country. With a staff of over 1,000, LMCU’s assets exceed $5.2 billion, and mortgages serviced and portfolioed total over $9 billion.

Founded in 2010, Encore Bank has approximately $400 million in assets and operates six branches in Southwest Florida. ¦

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