First Citrus approves all-cash deal with DFCU
August 8, 2022 - Tampa-based First Citrus Bancorporation Inc. (OTC Markets: FCIT), the parent bank holding company of First Citrus Bank, announced that its shareholders unanimously approved the DFCU Financial all-cash transaction on Aug. 4. “It’s no surprise that shareholders overwhelmingly approved our merger because DFCU Financial is such a quality organization. This merger is quite good for our shareholders, many of whom are First Citrus bankers and clients,” CEO and President John Barrett said in the announcement. As a result, shareholders of FCB will receive $47.75 in cash for each share owned. Michigan-based DFCU will also cash out the outstanding options at FCB at the difference between the strike price and the per share cash consideration to First Citrus shareholders. 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.