The $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, FL, plans a merger and acquisition of $350 million The Oculina Bank in Vero Beach, FL, 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 has 19 branch locations in Florida and Georgia.
Michael Miller, president, and CEO at IBMSECU said, “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.”
According to Oculina’s Chairman and CEO, Jeffrey Maffett, “This merger will allow our existing branches on the Treasure Coast to offer even more in the way of products and services to our current customers, and as all of our employees are being retained as a result of the merger, our customers will still be dealing with the people with whom they forged relationships over the years, but now with more to offer.”
Skyway Capital Markets, LLC served as financial advisor, and Smith Mackinnon, PA served as legal advisor, to IBMSECU in this transaction. Banks Street Partners, LLC served as financial advisor, and Shutts & Bowen, LLP served as legal advisor, to Oculina in this transaction.