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Business Observer Monday, Aug. 8, 2022 1 month ago

Shareholders OK Michigan credit union’s acquisition of Tampa bank

First Citrus Bank will be part of DFCU Financial, a credit union founded in 1950 by Ford Motor Co. employees.

Shareholders of First Citrus Bancorporation Inc., the parent holding company of First Citrus Bank, have approved a deal that will see the Tampa-based community bank acquired by DFCU Financial, a credit union headquartered in Dearborn, Michigan, a suburb of Detroit.

According to a news release, FCB shareholders will receive $47.75 in cash for each share owned.

“It’s no surprise that shareholders overwhelmingly approved our merger because DFCU Financial is such a quality organization,” FCB President and CEO Jack Barrett states in the release. “This merger is quite good for our shareholders, many of whom are First Citrus bankers and clients.”

According to terms of the deal first announced in May, Barrett will remain with the merged entity as Florida market president. The entire FCB executive management team will also join DFCU, and all former FCB branches will remain open after they’re rebranded.

FCB has $689 million in assets, $398 million in loans and $622 million in deposits. Founded in 1950 by Ford Motor Co. employees, DFCU has — as of Dec. 31, 2021 — $6.455 billion in total assets.

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