Lake Michigan Credit Union in Grand Rapids, Mich., is doubling down in Florida with an agreement to buy Pilot Bank and National Aircraft Finance.
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.