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Lake Michigan Credit Union (LMCU) has announced its acquisition of Pilot Bancshares, Inc. (OTCQX: PLBN) in an all-cash transaction. Shareholders of Pilot will receive $6.25 per share. This acquisition will expand LMCU's presence in Florida, increasing its branch locations to 19 and total assets to over $1.7 billion in the state. The combined organization will hold more than $11 billion in assets across Michigan and Florida. The transaction is subject to shareholder approval and regulatory requirements, expected to close in Q4 2021.
