Credit union buys bank

The IBM Southeast Employees’ Credit Union in Delray Beach will acquire Oculina Bank in Vero Beach, pending approval.

The $1.1 billion IBM Southeast Employees’ Credit Union in Delray Beach will acquire the $350 million Oculina Bank in Vero Beach, pending regulatory approval.

“This partnership allows us a greater opportunity to deliver financial solutions and personalized services while expanding the communities we serve up the Treasure Coast,” said Michael Miller, president and CEO of the credit union.

Oculina was founded in 2004 and provides real estate services to the region. It has eight branches along the Treasure Coast from Stuart to Sebastian.

The IBM credit union has more than 82,000 members across its 19 branches from Florida to Georgia. It is a member-owned, not-forprofit and tax-exempt financial institution.

Credit unions offer the same services as a bank, but members are partial owners. When customers deposit money, they’re buying a share of the company. There are more than 5,600 credit unions with 114 million members in the United States, according to the Credit Union National Association.

Adding Oculina’s eight branches and 4,000 customers will allow the credit union to continue expand its geographic reach, said spokeswoman Abby Boburka. The merger also will allow “continued access to low auto loan, credit card and mortgage rates. We can continue to offer high-yield deposits, low interest-rate loans and low fee structures to our members,” she said.

Once the deal is approved, the credit union will reach out to the Oculina Bank members, who will have about six months to consent to becoming members, said David Lyons, the credit union’s vice president of human resources and marketing.

All employees at Oculina will be retained as a result of the merger, said Jeffrey Maffett, Oculina’s chairman and CEO. “Our customers will still be dealing with the people with whom they forged relationships over the years, but now with more to offer,” he said.

Lyons said the acquisition won’t go into effect until the first quarter of 2019.