Lake Michigan Credit Union continues to expand its presence in the Sunshine State, now with the planned all-cash acquisition of a Tampa, Fla.-based bank. LMCU announced on June 16, 2021 afternoon that it plans to acquire Pilot Bancshares, Inc. (OTCPK:PLBN) in a deal valued at about $96.6 million. The deal will provide shareholders of Pilot with $6.25 in cash for each share they hold. The deal marks the second acquisition of a Florida bank for LMCU, following its deal with Naples-based Encore Bank, which closed in 2018. As part of the planned acquisition, LMCU will also take on Pilot affiliate National Aircraft Finance Co. (NAFCO), which provides aircraft financing. "This is another step in our plan to enhance our member value and experience for our many wonderful members that live in or vacation in Florida, including those in this new thriving market, as well as future new members," Sandy Jelinski, president and CEO of LMCU, said in a news release. "The combination of the two operations will further enhance LMCU's product offerings for our members through Pilot's aircraft finance business and SBA origination channels, while also adding a strong core deposit base in Hillsborough, Polk and Pinellas counties. We look forward to welcoming the staff of Pilot to the LMCU family and the customers as new members of LMCU." The transaction is contingent on approval by Pilot shareholders and could be completed by the fourth quarter of this year, based on regulatory approvals.