Lake Michigan Credit Union to buy Pilot Bank


The Boards of Directors of Lake Michigan Credit Union and Pilot Bancshares Inc., the holding company of Pilot Bank and National Aircraft Finance Company (collectively Pilot), have announced that LMCU will acquire Pilot in an all-cash transaction .

As part of the transaction, Pilot shareholders will receive $ 6.25 in cash for each share. LMCU will also cash any options outstanding at Pilot at the difference between the exercise price and the cash consideration per share to Pilot shareholders.

The boards of directors of both financial institutions have unanimously approved the purchase, which will carry LMCU’s footprint to 19 branches in Florida and total assets of more than $ 1.7 billion in the state. The combined entity will hold more than $ 11 billion in assets across its Michigan and Florida operations with a total of 65 branches and nine mortgage offices.

“We are delighted that Pilot Bank and NAFCO have agreed to join Lake Michigan Credit Union, bringing together two organizations that share the same philosophy of putting our members and customers first,” said Sandy Jelinksi, President and CEO from LMCU. “This is another step in our plan to enhance the value and experience of our members for our many wonderful members who are living or vacationing in Florida, including those in this thriving new market, as well as future new members. “

Ms Jelinski added that the combination of the two operations will further enhance LMCU’s product offerings for its members through Pilot’s aircraft financing activities and SBA’s origination channels, while also adding a strong deposit base in the counties of Hillsborough, Polk and Pinellas.

“The Board of Directors and management team of Pilot Bancshares Inc. are extremely excited to join an exceptional organization in the Lake Michigan Credit Union,” said Roy Hellwege, President and CEO of Pilot . “Our Board of Directors has carefully assessed the impact on our four key elements: our valued employees, our customers, the communities we are privileged to serve and, of course, our shareholders. “

Upon completion of the transaction, Mr. Hellwege will join the LMCU team as President – Central Florida and Kevin Buckland will join as President – Aircraft Finance.

The transaction is subject to the approval of Pilot’s shareholders and is expected to close in the fourth quarter of 2021, subject to all required regulatory requirements and approvals and compliance with all customary closing conditions.

LMCU is advised by investment bank Donnelly Penman & Partners, Inc. and law firm Honigman, LLP. Pilot is advised by investment banking firm Hovde Group, LLC and law firm Smith Mackinnon, PA.

Founded in 1933, the Lake Michigan Credit Union has 59 branches, including 13 in southwest Florida, including Port Charlotte. LMCU provides a full range of financial services, from high interest checking accounts to personal loans, mortgages, investments, commercial banking, cash management, and mobile and online banking.

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