Another small bank has been absorbed by a massive credit union. From Bank Street Partners:
DELRAY BEACH, FL (July 26, 2018) — The $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, Florida, is proud to announce the proposed merger and acquisition of $350 million The Oculina Bank, (Oculina) in Vero Beach, Florida, pending regulatory approval.
Oculina has eight banking offices along the Treasure Coast located from Stuart to Sebastian. Oculina was founded in 2004 and is known as the “Friendly Bank” having built a rich history of providing lending and other real estate-related services to the Treasure Coast.
IBMSECU is a member-owned financial institution that has provided financial services to families for 50 years, with 19 branch locations in Florida and Georgia.
Michael Miller, President, and CEO at IBMSECU stated, “We are excited and pleased to announce the acquisition of Oculina Bank. 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.”