The $5.2-billion Lake Michigan Credit Union agreed to acquire $400-million Encore Bank, headquartered in Naples, Florida. The combined entity will have over $9 billion in serviced mortgages, with ten branches in Florida and over 40 in Michigan.
Lack of Accountability
Credit unions insist they are different than banks, and they are: they are less regulated. They hide behind the veil of their proud history as financial service providers to at-risk communities, and avoid rigorous regulatory oversight. Inadequate reporting standards have shielded the credit union industry from scrutiny.