The proposed purchase of the Mackinac Savings Bank by the IBMSoutheast Employees Credit Union would create the16th billion-dollar cooperative in Florida nextyear.

Last month, the $946 million IBM Southeast Employees CU filedapplications with state and federal regulators, including the NCUA,to secure approvals for the Delray Beach-based cooperative to buythe $109 million bank headquartered in Boynton Beach.

Established in 1994, Mackinac Savings Bank manages more than $98million in total domestic deposits. As of Sept. 30, the bank posteda net income of $590,000 with a return on assets of 0.73% andreturn on equity of 8.55%, according to the FDIC.

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