Bank / Credit Union

Lake Michigan Credit Union inks acquisition of Pilot Bank of Tampa, Florida

June 29, 2021

Lake Michigan Credit Union has acquired Tampa-based Pilot Bank and National Aircraft Finance Company in an all-cash transaction. Shareholders of Pilot will receive $6.25 for each share, and LMCU will cash out the outstanding options at Pilot at the difference between the strike price and per share cash consideration to shareholders, according to a press release.

With this acquisition, LMCU will have 19 branches in Florida and total assets of more than $1.7 billion in the state. Roy Hellwege, chairman and CEO of Pilot will join LMCU as president of Central Florida and Kevin Buckland will join as president of Aircraft Finance.

"Given the shared values of Pilot Bank and Lake Michigan Credit Union, we have no doubt that this is an outstanding outcome for all concerned parties," Hellwege said in the release. "We look forward to serving the greater Tampa Bay Community for many years to come as part of the Lake Michigan Credit Union Family!"

The transaction is currently contingent on approval by shareholders of Pilot, which is expected to be completed in the fourth quarter of 2021.