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. 

All former MidWestOne Bank account holders will now become members of DFCU Financial, the bank says. This acquisition adds Lee, Collier, and Charlotte counties to DFCU’s field of membership that already includes Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota, which are served by six offices in Tampa and St. Petersburg. 

“We are excited to join forces with DFCU Financial and look forward to leveraging our combined strengths to better serve our communities in Florida,” says Michael Durkin, president of the Naples and Fort Myers markets for the bank. “Our commitment to our customers remains our top priority, and this partnership allows us to enhance the financial services and support we provide.”

Founded in 1950 with a history going back to Ford Motor Co. employees, DFCU Financial has some $870 million in net worth and more than 240,000 members.