On April 3, the $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, FL, announced the completion of the merger and acquisition of $350 million The Oculina Bank, (Oculina) in Vero Beach, FL. A subsequent conversion will be completed in the fourth quarter of 2019.
Oculina had eight banking offices along Florida’s Treasure Coast located from Stuart to Sebastian. It was founded in 2004 and was known as the “Friendly Bank,” having built a rich history of providing lending and other real estate-related services. IBMSECU will retain all existing Oculina branch locations, and the same branch staff will continue to serve members.
IBMSECU is led by Michael Miller, president and CEO, and now has 27 branch locations in Florida and Georgia.