Lake Michigan Credit Union acquires Pilot Bank

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Courtesy Lake Michigan Credit Union

The region’s largest credit union just got bigger.

Grand Rapids-based Lake Michigan Credit Union said it closed on the acquisition of Tampa-based Pilot Bank Tuesday, Dec. 21.

Terms of the deal were not disclosed.

Already the largest credit union and mortgage lender in Michigan, LMCU has had a growing presence in Florida since 2015, and expanding into the Tampa/St. Petersburg market is “a natural progression,” the credit union said. LMCU now has 19 branches throughout southwest Florida, including the six new branches from the acquisition of Pilot Bank.

LMCU President and CEO Sandy Jelinski said she looks forward to what the acquisition of Pilot Bank means for serving the Tampa Bay area and beyond.

“This is an exciting opportunity for our collective members and our staff because we’ll be able to serve even more members by providing outstanding value and exceptional service,” Jelinski said. “The Pilot Tampa and St. Petersburg branches expand our service coverage in Florida without any overlap, so it is a great fit. The team at Pilot Bank is a pleasure to work with, and I am confident that together we will quickly become a key player in the Tampa Bay market.”

Roy Hellwege, chair and CEO of Pilot Bank, will serve as the president of LMCU’s central Florida region.

“Joining LMCU is very exciting because Pilot, like LMCU, has always been focused on doing what is right for our customers and members,” Hellwege said. “Additionally, LMCU shares a lot of the same beliefs and values about community service that we cultivated at Pilot, so I know this partnership will greatly benefit our members and local communities in new ways.”

A full systems integration of the two entities will take place in 2022. Meanwhile, customers of Pilot Bank automatically became members of LMCU as of Dec. 21, and the bank has been rebranded as “Pilot, a Part of LMCU.”

LMCU

Founded in 1993, LMCU offers high interest-bearing checking accounts, personal loans, mortgages, investments and commercial banking.

The credit union serves over 520,000 members with a staff of over 1,550 employees at 65 branch locations, including 19 in southwest Florida.

LMCU’s assets exceed $11.5 billion, with a mortgage servicing portfolio of over $13 billion.

Pilot Bank

Founded in 1987 by pilots, Pilot Bank offers financial products to individuals, companies and institutions.

Pilot was the 40th largest bank in Florida before the acquisition. The bank has 76 employees across six locations and had about $550 million in assets before becoming part of LMCU.

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