We are excited to announce that DFCU Financial has executed a definitive agreement by which First Citrus Bank in Tampa, Florida will merge with DFCU in an all-cash transaction. DFCU has been desirous of geographic diversification for many years. With many of our members migrating to Florida on a seasonal or full-time basis this will be a great market which complements our existing footprint.
First Citrus Bank (FCB) has approximately $689 million in assets operating six branches in the Tampa and St. Petersburg market on Florida’s Gulf Coast. FCB brings strong Commercial Banking leadership and expertise to DFCU Financial. Tampa is a highly desirable growth market with strong demographics. It is the 18th largest Metropolitan Statistical Area (MSA) in the Nation and fourth largest in the Southeast with a population of over three million.
The transaction is contingent on the approval by the shareholders of FCB and is expected to be completed in the fourth quarter of 2022, subject to all required regulatory requirements and approvals. Once finalized the credit union will continue as DFCU Financial and we will provide further updates to our membership throughout the process.
Read the full press release here