September 5, 2017

LMCU Acquires Encore Bank Of Naples, Florida

We’re growing again in Southwest Florida! LMCU has signed an agreement to purchase Encore Bank of Naples and expects finalization of regulatory requirements by early 2018. This acquisition includes Encore Bank’s six branch locations in and around the Naples area.

Speaking of the acquisition, LMCU President and CEO, Sandra Jelinski said, “We are delighted that Encore Bank has agreed to join with Lake Michigan Credit Union, to help strengthen and expand our presence in the growing Southwest Florida region. We admire Encore’s high-level of personalized service, focus on improving our communities, and the commitment they have to always doing what’s best for their’s the same model we live by every day. This is an exciting opportunity for both organizations, our collective customers, and our dedicated teams of bankers. Encore’s six branches are a perfect fit for our four Florida branch locations...there is no overlap. Plus, Encore is a healthy, well-run bank with experienced staff that when joined with our staff will immediately make the combined team a key player in this market.”

Tom Ray, CEO of Encore Bank, will stay on as regional president of Lake Michigan Credit Union of Florida after the acquisition is completed. “We are excited to join the LMCU Team. We’re extremely proud of the relationships we have built at Encore Bank and I am convinced this partnership will significantly benefit our customers and the communities we serve.”

Exciting News! Look for new LMCU locations coming to these communities in October: Saginaw, White Lake and Florida Gulf Coast University in Fort Myers!