Lake Michigan Credit Union To Acquire Encore Bank

Lake Michigan Credit Union (LMCU), headquartered in Grand Rapids, Michigan, has signed a definitive agreement to acquire Naples-based Encore Bank.

Encore has approximately $400 million in assets and operates six branches in Southwest Florida. The combined entity will have approximately $5.6 billion in assets, and more than $9 billion in serviced mortgages, with 10 branches in Florida and more than 40 in Michigan.

According to Dharmesh Patel, Encore’s senior vice president of retail banking, the close is expected in January, with conversion to LMCU within the first quarter of next year.