Florida credit union seeks to purchase Mackinac Savings Bank

IBM Southeast Employee Credit Union, headquartered in Delray Beach, FL, filed an application with the Federal Deposit Insurance Corp. to acquire Mackinac Savings Bank of Boynton Beach, FL, pending factors that include regulatory approval.

According to the South Florida Business Journal, “South Florida is one of the state’s most attractive banking markets in part because of its concentration of deposits and customers, and it’s common for out-of-area banks and tri-county area financial institutions to acquire local banks.”

IBM SECU was founded in 1969 and today serves more than 75,000 members across the country. The credit union has 16 branches in Florida and Georgia.

Mackinac is one of the smallest South Florida-based banks with $109.5 million in assets as of Sept. 30.  For more, read South Florida Business Journal.