DFCU's Florida Expansion Continues

DFCU Financial has announced the signing of a definitive agreement to acquire the Naples and Fort Myers banking operations of MidWestOne Bank. This acquisition continues DFCU’s expansion in Florida. DFCU Financial established its presence in Florida in January 2023 through its acquisition of Tampa-based First Citrus Bank. The expansion will add to DFCU’s Florida footprint, resulting in a total of eight branch locations.

MidWestOne Bank is headquartered in Iowa City, IA with two branches in Florida. By acquiring the two MidWestOne branches in the Naples-Marco Island MSA and the Cape Coral-Fort Myers MSA, DFCU will add consumer and commercial deposits and loans of approximately $159 million and approximately $162 million respectively.

The transaction is expected to be completed in the second quarter of 2024, subject to all regulatory requirements and approvals and the fulfillment of all customary closing conditions.

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