Lake Michigan Credit Union executed a definitive agreement to acquire Pilot Bancshares, Inc. (OTCPK:PLBN) in a transaction valued at $96.6 million on June 16, 2021. In an all-cash transaction, the shareholders of Pilot will receive $6.25 in cash for each share. Upon completion of the transaction, Roy Hellwege will join the Lake Michigan Credit Union team as president – Central Florida and Kevin Buckland will join as president – Aircraft Finance. The transaction is contingent on approval by the shareholders of Pilot and subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions. The Boards of Directors of both financial institutions have unanimously approved the purchase. The transaction and is expected to be completed in the fourth quarter of 2021. Lake Michigan Credit Union is being advised by the investment banking firm Donnelly Penman & Partners, Inc. and Michael Bell of Honigman, LLP acted as the legal advisor. Pilot is being advised by the investment banking firm Hovde Group, LLC and the law firm Smith Mackinnon, PA.