Michigan credit union closes $160M deal for SWFL bank division

A deal announced last September in which a Michigan credit union acquired the assets of a Southwest Florida market of an Iowa bank has closed. 

DFCU Financial, one of the largest credit unions in the country with $6.4 billion in assets, purchased MidWestOne Bank’s Florida operations in the Naples-Marco Island MSA and the Cape Coral-Fort Myers MSA. Dearborn-based DFCU will pay a deposit premium of 7.5%, or about $11.9 million for Iowa City-based MidWestOne’s Southwest Florida market and its two branches, according to a statement from the bank last year when it announced the deal. DFCU will add about $159 million in deposits and $162 million in loans in the deal.

“We are eager to introduce our extensive range of products and services to the Gulf Coast of Florida, providing enhanced convenience and expertise to our new members,” DFCU Financial President and CEO Ryan Goldberg says in the most recent statement.