Oculina Bank posted $1 million in net income, $30 million in equity and an ROA of 1.21%, according to its FDIC financial reports for March 2018.

Chris Russell, Oculina Bank's president, said most of the bank's growth was generated from home mortgage lending and SBA loans, according to a 2017 article in the TC Palm, a local news site owned by Gannett Co.

The bank was the leading SBA lender, loaning more than $20 million to small businesses from 2012 to 2016 and was the fourth fastest growing bank in the Sunshine State in deposit market share in 2016, the TC Palm reported.

"This partnership allows us a greater opportunity to deliver financial solutions and personalized services while expanding the communities we serve up the Treasure Coast, IBMSECU President/CEO Michael Miller, said in a prepared statement.

The credit union operates 19 branches in Florida and Georgia serving more than 82,000 members.

This is IBMSECU's second bank purchase deal. Last year, the credit union completed the acquisition of the $109 million Mackinac Savings Bank in Boynton Beach, Fla.

"This merger will allow our existing branches on the Treasure Coast to offer even more in the way of products and services to our current customers,"  Oculina's Chair/CEO, Jeffrey Maffett said in a prepared statement. "And as all of our employees are being retained as a result of the merger, our customers will still be dealing with the people with whom they forged relationships over the years, but now with more to offer."

In addition to IBMSECU's pending bank purchase, there are seven additional pending credit union bank acquisition deals that are expected to close this year.

Earlier this year,  the $2.3 billion Georgia's Own CU in Atlanta finalized its purchase of the $90 million State Bank of Georgia in Fayetteville,  the $5.9 billion Lake Michigan Credit Union in Grand Rapids completed its acquisition of the $418 million Encore Bank in Naples, Fla., and the $289 million Mid Oregon Federal Credit Union in Bend, Ore., finalized the purchase of the $20 million High Desert Bank that was also based in Bend.