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Lake Michigan Credit Union to Acquire Encore Bank

Published August 7, 2017

Hovde's client, Naples, FL-based Encore Bank, has announced a merger with and into Grand Rapids, MI-based Lake Michigan Credit Union.

Highlights of the deal include:

  • All-Cash Consideration
  • Ovation Holdings, Inc.'s, subsidiary, Encore Bank, has 6 branches: Naples (2), Bonita Springs (1), Ft. Myers (1), Port Charlotte (1) and Sun City Center (1)
  • This deal is Lake Michigan Credit Union's first ever acquisition of a bank and is the largest bank acquisition by a credit union in recorded history
  • This is now the 3rd credit union acquisition of a bank in Florida: Achieva CU/Calusa Bank in 2015 and IBM SE Employee's CU/Mackinac Savings Bank in 2016
  • Hovde Group represented the seller on all three credit union bank acquisitions in the state
  • This transaction marks Hovde's 82nd announced Florida bank M&A transaction since 2002

Hovde Group, LLC served as exclusive financial advisor to Ovation Holdings, Inc. and Encore Bank.

Please click on the link above to download the full Transaction Alert for more information.