Michigan credit union acquires area bank

NAPLES — Grand Rapids, Mich.-based Lake Michigan Credit Union signed a definitive agreement to acquire Encore Bank of Naples.

According to a press release, the combined entity will have about $5.6 billion in assets, over $9 billion in serviced mortgages, 10 branches in Florida and over 40 branches in Michigan. The board of directors of each company approved the agreement. The acquisition is expected to be complete in the first quarter of 2018.

Encore Bank CEO Tom Ray will stay on as regional president of Lake Michigan Credit Union of Florida after the acquisition.