The $5.1 billion Lake Michigan Credit Union in Grand Rapids said Monday it will buy the $418 million Encore Bank, which makes the definitive agreement the largest bank acquisition by a credit union to date.

The Naples-Fla.-based bank, which serves about 20,000 customers, manages $279 million in real estate loans, $10 million in commercial loans and $5.5 million in individual loans, according to Encore’s June 30 balance sheet filed with the FDIC.

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Peter Strozniak

 

Credit Union Times

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