April 1, 2019 – Delray Beach, FL:
IBMSECU Acquires $350 Million Oculina Bank
Today, the $1.1 billion IBM Southeast Employees' Credit Union (IBMSECU) in Delray Beach, Florida, is proud to announce the completion of the merger and acquisition of the $350 million Oculina Bank (Oculina) in Vero Beach, Florida. A subsequent conversion will be completed in the Fourth Quarter of 2019.
Oculina has eight banking offices along the Treasure Coast, located from Stuart to Sebastian. It was founded in 2004 and was known as the “Friendly Bank,” having built a rich history of providing lending and other real estate-related services to the Treasure Coast. IBMSECU is pleased to retain all of the existing Oculina branch locations and the same branch staff will continue to serve members.
IBMSECU is a member-owned financial institution that has provided financial services to families for 50 years, now with 27 branch locations in Florida and Georgia.
Michael Miller, President, and CEO at IBMSECU stated, “We are thrilled to complete the merger and acquisition of Oculina Bank. We are so excited about this new chapter and welcome Oculina employees and customers to our credit union family and can’t wait to combine our cultures of Service Excellence.”
IBMSECU, established in 1969, is a growing and dynamic Credit Union, with more than 85,000 Members worldwide and $1.10 billion in assets. A Credit Union is a not-for-profit financial institution that is owned by its Members. Credit Unions generally offer high-yield deposits, low interest-rate loans and low fee structures. IBMSECU offers a complete range of products and services including: Checking and Savings accounts, Money Market accounts, Certificates, IRAs, First and Second Mortgages, Car Loans, Visa® Credit Cards, Business Services, and much more.