IBM Southeast Employees’ Credit Union buying Vero Beach bank


For the second time this week, a financial institution with deep ties to Palm Beach County is part of a merger.

On Friday, IBM Southeast Employees’ Credit Union, based in Delray Beach, said it is purchasing Vero Beach-based The Oculina Bank. Terms of the deal were not disclosed.

IBM Southeast was founded in 1969 and has $1.1 billion in assets. It counts seven branches spread out across Palm Beach County in Palm Beach Gardens, West Palm Beach, Boynton Beach, Delray Beach and Boca Raton. Oculina, with assets of $350 million, has eight banking offices along the Treasure Coast located from Stuart to Sebastian.

“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 IBMSECU in a statement.

On Tuesday, Palm Beach County’s 11th-largest financial institution announced it was part of a sale.

Florida Community Bank parent FCB Financial Holdings (NYSE: FCB) of Weston said Tuesday that it has agreed to be sold to Synovus Financial Corp. (NYSE: SNV) of Georgia.

The deal values FCB Financial at $2.9 billion. The merger is expected to close in early 2019.

As of mid-2017, Florida Community Bank had $1.1 billion in deposits in Palm Beach County, an 11th-place market share of 2.3 percent. The bank has offices in Boca Raton, Boynton Beach, Delray Beach, Juno Beach, Wellington and West Palm Beach.

Staff writer Jeff Ostrowski contributed to this report.



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