DEPARTMENT OF FINANCIAL SERVICES
Qualified Public Depository Merger
Encore Bank, a Qualified Public Depository (QPD) with a home office located in Naples, Florida will be merged into Lake Michigan Credit Union some time in late April, according to Encore. Since credit unions are not eligible to be QPDs, they are not allowed to hold public deposits. Therefore, any, and all public deposits should be moved to another QPD before this merger takes place.
