GRAND RAPIDS, Mich. and TAMPA, Fla., June 16, 2021 /PRNewswire/ -- 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.
Continued Jelinski, "The combination of the two operations will further enhance LMCU's product offerings for our members through Pilot's aircraft finance business and SBA origination channels, while also adding a strong core deposit base in Hillsborough, Polk and Pinellas counties. We look forward to welcoming ...