Credit union to merge with First Citrus Bank
May 13, 2022 - Michigan-based DFCU Financial will merge with the Tampa-based First Citrus Bank through n all-cash acquisition. Upon completion of the transaction, the entire management team of FCB will join DFCU. DFCU intends to keep all of FCB’s branches open following the completion of the transaction this fourth quarter. As of March 31, 2022, FCB had approximately $689 million in assets, $398 million in loans, and $622 million in deposits. The combined entity will have approximately $7.1 billion in assets and nearly $800 million in capital across its Michigan and Florida footprint with a total of 33 branch locations, according to a news release. Subject to the terms of the agreement, shareholders of FCB will receive $47.75 in cash for each share owned.