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The $10.5 billion Lake Michigan Credit Union said Thursday it plans to acquire the $656 million Pilot Bank in Florida for $96.1 million in cash.

The boards of directors of the Grand Rapids-based credit union and Pilot Bancshares Inc., the holding company for the Tampa-based bank and its National Aircraft Finance Company, agreed unanimously to a definitive agreement by which LMCU will pay $6.25 per share to Pilot Bank’s 295 stockholders.

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Peter Strozniak

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