Lake Michigan Credit Union announces finalized merger of Encore Bank, Florida
GRAND RAPIDS, MI (April 23, 2018) — Lake Michigan Credit Union (LMCU) is pleased to announce that their merger with Encore Bank of Naples, Florida is now complete and officially approved by state and federal regulating agencies. Final approval came Thursday, April 19, 2018.
This acquisition combines the resources of two very successful financial institutions. LMCU, the largest credit union in Michigan, first entered the southwest Florida market in 2015, eventually opening a total of four branch locations – Naples, Fort Myers and two in Bonita Springs. The merger of Encore Bank adds six new branch locations to the effort in Bonita Springs, Fort Myers, Naples, Port Charlotte and Sun City Center.
LMCU President and CEO, Sandra Jelinski said, “We are delighted to join forces with Encore Bank to help strengthen and expand our presence in the growing Southwest Florida market. This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers. Encore’s six branches dovetail perfectly with our four Florida branch locations, with no service coverage overlap. Encore is a well-run financial institution that will immediately make our combined team a key player in this market.”
Tom Ray, previous president/ceo of Encore Bank, will stay on as the president – west Florida region of Lake Michigan Credit Union. “We are very excited to join the LMCU Team. We are proud of the relationships we have built at Encore Bank and I know this partnership will significantly benefit our customers and the communities we serve.”
Over the next several months, Encore Bank signage will change in stages, as data systems are merged. The officially end entity will be known as Lake Michigan Credit Union of Florida. System changeover should be complete later in 2018.
About Lake Michigan Credit Union
Lake Michigan Credit Union is the largest credit union in Michigan. Employing a staff of over 1,500, LMCU’s assets exceed $10 billion, with a mortgage-servicing portfolio of over $12 billion, and more than 500,000 members. LMCU has 59 convenient branch locations overall, including 13 in southwest Florida. LMCU members have access to over 55,000 Allpoint ATMs worldwide. LMCU provides a full-range of financial services, from high-interest-bearing checking accounts to personal loans, mortgages, investments, and commercial banking.
To find out more, visit LMCU.org.
About Encore Bank
Headquartered in Naples Florida, Encore Bank focused on commercial bank business, with more than $395 million in assets serving customers throughout state of Florida. Like LMCU, Encore Bank is a trusted, long-time member of this shared community, with a history of providing excellent, personalized service to its clients. Encore Bank is a superior merger partner choice because of its shared sense of community and culture.