The Mackinac Savings Bank operates a branch in this strip mall in West Palm Beach, Florida. Image from Google Maps
The Seminole Tribe of Florida announced plans to acquire a bank after a prior attempted fell through. The tribe plans to buy Mackinac Savings Bank, a bank with branches in Florida and offices in Massachusetts and Michigan. The institution had $111 million in assets, $49.5 million in loans and $101.6 million in deposits as of June 30, The South Florida Business Journal reported. “Members of the Seminole Tribe have been historically underserved by most commercial banks in Florida and we plan to change that,” Tony Sanchez Jr., the president of the Seminole Tribe, said in a press release. “Seminole Bank will attract customers in and around its existing branches and by reaching out to members of the tribe living on or near the six Seminole Reservations in Florida.” The tribe will need federal regulatory approval to acquire the bank. Get the Story:
Seminole Tribe in deal to acquire South Florida bank (The South Florida Business Journal 9/30)
Seminole Tribe to acquire Boynton Beach-based bank (The Palm Beach Post 9/30)
Seminoles buy Boynton's Mackinac Savings Bank (The South Florida Sun Sentinel 9/30)
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