ELGA Credit Union in Grand Blanc, Mich., has agreed to buy Marine Bank & Trust in Vero Beach, Fla.
The $1.5 billion-asset credit union said in a press release that it will pay $43.75 a share in cash for the $650 million-asset unit of Marine Bancorp of Florida. The deal is expected to close early next year.
The acquisition “will foster those relationships with our members and the communities we serve,” Terry Katzur, the credit union’s president and CEO, said in the release.
“This highly complementary transaction will allow us to bring our expertise in consumer banking and low-income lending to Marine Bank’s communities, while gaining extensive business banking experience,” Katzur added.
Bill Penney, Marine’s president and CEO, will join the credit union as its Florida market president.
Marine is the second bank in investor Ken Lehman’s portfolio to agree to sell to a credit union this year. Affinity Bank in Covington, Ga., recently agreed to sell itself to Atlanta Postal Credit Union.
Honigman and McQueen Financial Advisors advised the credit union. Igler and Pearlman and Piper Sandler advised Marine Bancorp.