Recently, the boards of DFCU Financial and First Citrus Bancorporation, Inc reached an agreement for DFCU to acquire FCB, in an all-cash transaction.
Called a “definitive agreement,” the deal will see FCB shareholders receive $47.75 in cash for each share held. DFCU will also cash out outstanding options at FCB at the difference between the exercise price and the cash consideration per share to FCB shareholders.
The deal was unanimously approved by both boards.
“First Citrus represents DFCU’s initial expansion into Florida and a significant increase in commercial lending presence and expertise,” said Ryan Goldberg, DFCU President and CEO.
FCB President and CEO Jack Barrett said he was pleased with the deal.
“We are thrilled that DFCU has chosen Tampa Bay as its Florida headquarters and honored to have entrusted our leadership team to build on their 72-year history,” he said. “This merger is not just a win for our shareholders, it’s a win for our associates, our customers, Tampa Bay and, frankly, the State of Florida. DFCU’s Midwestern values align well with ours. We are proud to carry the DFCU flag and look forward to raising it throughout our state. »
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 in its Michigan and Florida footprint, with a total of 33 branches.
Upon completion of the transaction, the entire FCB management team will join DFCU, with Barrett named President of the Florida Market and the other executives filling roles similar to those they currently hold at FCB for DFCU’s Florida operations.
DFCU intends to keep all FCB branches open after completion of the transaction.