Credit unions near and far target Florida banks for acquisition

We all know how much Michiganders like to vacation along Florida’s Gulf Coast, but it turns out credit unions in the Great Lakes State have a thing for Florida, too — particularly our banks.

In 2017, Lake Michigan Credit Union acquired Naples-based Encore Bank, resulting in a financial institution with $5.6 billion in assets, in excess of $9 billion in serviced mortgages, 10 branches in Florida and more than 40 branches in Michigan. Then, in June 2021, LMCU continued its Florida foray with the purchase of Pilot Bancshares, parent company of Pilot Bank, which has branches in Tampa, St. Petersburg and Lakeland, and National Aircraft Finance Co.