$6B Michigan credit union seizes strong acquisition opportunities in Florida

DFCU Financial, now in Southwest Florida and Tampa, aims to grow its presence more in the Sunshine State — even as a community banking lobbying giant sours on the acquisition strategy.

By Mark Gordon
| 5:00 a.m. December 13, 2023
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DFCU Financial has made two acquisitions on the west Coast of Florida in the past year.

Florida

A national financial industry trend launched on the west coast of Florida nearly a decade ago with the acquisition of Charlotte County-based Calusa Bank — credit unions buying banks — has mushroomed in the past five years.

At least 50 deals involving credit unions buying banks, or parts of banks, have been announced or completed since 2019. The trend slowed somewhat in 2023, with eight deals so far. That’s down from a record-setting 15 in 2022, according to data from S&P Global Market Intelligence and American Banker.