The $10.4 billion-asset credit union said in a press release
Wednesday that it will pay about $96.6 million in cash for the $656 million-asset
Pilot. The deal is expected to close in the fourth quarter.
Lake Michigan Credit Union, which bought Encore Bank in Florida
in 2018, will have 19 branches in Florida and more than $1.7 billion
of assets in the Sunshine State when the deal is completed.
The acquisition "is another step in our plan to enhance our
member value and experience for our many wonderful members that live in or
vacation in Florida, including those in this new thriving market, as well
as future new members,” Sandy Jelinksi, the credit union’s president and CEO,
said in the release.
Roy Hellwege, Pilot’s chairman and CEO, will join the credit union as president of central Florida, while Kevin Buckland will
become president of aircraft finance.
Lake Michigan Credit Union was advised by Donnelly Penman &
Partners and Honigman. Pilot was advised by Hovde Group and Smith
Mackinnon.
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