On June 16, 2021, the Boards of Directors of Lake Michigan Credit Union (“LMCU”) and Pilot Bancshares, Inc, (OTCQX: PLBN), the holding company for Tampa-based Pilot Bank and National Aircraft Finance Company (“NAFCO”) (collectively “Pilot”), today announced the execution of a definitive agreement by which LMCU will acquire Pilot in an all-cash transaction. In connection with the transaction, shareholders of Pilot will receive $6.25 in cash for each share. LMCU will also cash out the outstanding options at Pilot at the difference between the strike price and the per share cash consideration to Pilot shareholders.
The Boards of Directors of both financial institutions have unanimously approved the purchase, which will bring LMCU’s footprint to 19 branches in Florida and total assets of over $1.7 billion in the state. The combined entity will have over $11 billion in assets across its Michigan and Florida operations with a total of 65 branch locations and nine mortgage offices.
The transaction is contingent on approval by the shareholders of Pilot and is expected to be completed in the fourth quarter of 2021, subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions.
LAKE MICHIGAN CREDIT UNION
LMCU is a Michigan chartered credit union headquartered in Grand Rapids, Michigan. Founded in 1933, LMCU is the largest credit union in Michigan, and is one of the top performing credit unions in the country with approximately $10.4 billion in assets, including $12.5 billion in mortgages serviced and held in portfolio. With over 500,000 members, LMCU has 59 branches, including 13 in Southwest Florida. LMCU members have access to over 55,000 AllPoint ATMs worldwide. LMCU provides a full-range of financial services, from high interest checking accounts (one named by Money magazine as the Best in America), to personal loans, mortgages, investments, and commercial banking.
PILOT BANCSHARES, INC., PILOT BANK, AND NAFCO
Pilot Bancshares, Inc. is the holding company for Pilot Bank and NAFCO. It was formed in 1987 and is traded on the OTCQX exchange under the symbol PLBN. Pilot Bank provides retail, commercial, and general aviation financing to individuals, businesses, and institutions in the greater Tampa Bay and Lakeland, Florida areas. It offers checking and savings accounts, and money market accounts, as well as certificates of deposit; consumer and commercial loans, and aircraft finance; and cash and treasury management, merchant, and online and mobile banking services. Pilot has assets of approximately $656 million and operates offices in Tampa, St. Petersburg, and Lakeland, Florida.