IBMSECU Acquires Mackinac Savings Bank
DELRAY BEACH, FL. (05/31/17) – The $980 million IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, Florida, is proud to announce the merger and acquisition of the $109 million Mackinac Savings Bank, in Boynton Beach, Florida.
Mackinac Savings Bank has three banking offices in Palm Beach County, FL and lending offices in Florida, Massachusetts and Michigan. Mackinac has over a 50-year history of providing lending and other real estate-related services including a variety of specialty portfolio loans.
IBMSECU is a Member-owned financial institution that has provided financial services to families for more than 48 years, with 16 branch locations in Florida and Georgia.
Michael Miller, President and CEO at IBMSECU stated, “We are excited and pleased to announce the acquisition of Mackinac Savings Bank. This partnership allows us a greater opportunity to deliver financial solutions and personalized services in the communities we serve. We welcome the Mackinac Savings Bank employees and customers to our credit union family and can’t wait to combine our cultures of service excellence.”
IBMSECU, established in 1969, is one of the nation’s largest Credit Unions with more than 75,000 Members worldwide and $980 million in assets. A Credit Union is a not-for-profit financial institution that is owned by its Members. Credit Unions generally offer high-yield deposits, low interest-rate loans and low fee structures. IBMSECU offers a complete range of products and services including: Checking and Savings accounts, Money Market accounts, Certificates, IRAs, First and Second Mortgages, Car Loans, Visa® Credit Cards, Business Services, and much more.