First Citrus Bank, a Tampa-based community bank that has $689 million in assets, $398 million in loans and $622 million in deposits, has agreed to merge with Dearborn, Michigan-based DFCU Financial, a credit union founded in 1950 by Ford Motor Co. employees.
According to a news release, the all-cash transaction will see FCB shareholders receive $47.75 for each share owned. President and CEO Jack 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.
“We’re delighted that DFCU has chosen Tampa Bay as their Florida headquarters and honored they have entrusted our executive team to build upon their 72-year history,” Barrett states in the release. “This merger is not only a win for our shareholders; it’s a win for our associates, clients, Tampa Bay and, frankly, the state of Florida. DFCU’s Midwestern values align well with ours. We are proud to fly the DFCU flag and look forward to raising it throughout our state!”
The transaction, the release states, will close in the fourth quarter of 2022, subject to approval by FCB shareholders and customary regulatory approvals. The combined entity will have 33 branches, approximately $7.1 billion in assets and nearly $800 million in capital.
“First Citrus represents DFCU’s initial expansion into Florida and a significant increase in commercial lending presence and expertise,” DFCU President and CEO Ryan Goldberg states in the release. “CEO Jack Barrett’s leadership has fostered a customer-centric culture that closely aligns with DFCU’s core values. We look forward to benefiting from his leadership going forward.”