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IBMSECU acquires The Oculina Bank

admin1 min readApril 4, 2019

On April 3, the $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, FL, announced the completion of the merger and acquisition of $350 million The Oculina Bank, (Oculina) in Vero Beach, FL. A subsequent conversion will be completed in the fourth quarter of 2019. Oculina had eight banking offices along Florida’s Treasure […]

On April 3, the $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, FL, announced the completion of the merger and acquisition of $350 million The Oculina Bank, (Oculina) in Vero Beach, FL. A subsequent conversion will be completed in the fourth quarter of 2019.

Oculina had eight banking offices along Florida’s Treasure Coast located from Stuart to Sebastian. It was founded in 2004 and was known as the “Friendly Bank,” having built a rich history of providing lending and other real estate-related services.  IBMSECU will retain all existing Oculina branch locations, and the same branch staff  will continue to serve members.

IBMSECU is led by Michael Miller, president and CEO, and now has 27 branch locations in Florida and Georgia.

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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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