Delray Beach, Fla.-based IBM Southeast Employees' CU is buying Vero Beach, Fla.-based Oculina Bank, according to a press release posted on CUInsight.com.
Terms of the deal were not disclosed.
SNL valuations for bank and thrift targets in the Southeast region between July 26, 2017, and July 26, 2018, averaged 157.14% of book, 166.16% of tangible book and had a median of 27.59x last-12-months earnings, on an aggregate basis.
As of June 30, IBM Southeast had $1.11 billion in assets, with 19 branches in Florida and Georgia. Meanwhile, the Oculina Banc Corp. unit had $358.6 million in assets, with eight banking offices.
Oculina operates one branch in Martin County, Fla., ranked No. 15 with a 0.23% share of approximately $4.95 billion in total market deposits. Additionally, it operates five branches in Indian River County, Fla., ranked No. 10 with a 4.41% share of approximately $4.19 billion in total market deposits. Oculina also operates two branches in Saint Lucie County, Fla., ranked No. 12 with a 1.57% share of approximately $4.07 billion in total market deposits.
Oculina Chairman and CEO Jeffrey Maffett said the bank's employees will be retained upon deal completion, the post added.
Skyway Capital Markets LLC was financial adviser to IBM Southeast, and Smith Mackinnon PA was the credit union's legal adviser. For Oculina, Banks Street Partners LLC was financial adviser, while Shutts & Bowen LLP was its legal adviser.