News
First Citrus Bancorporation, Inc. Shareholders Approve Transaction with DFCU Financial
TAMPA, FL., August 9, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, announced that its shareholders approved the DFCU Financial all-cash transaction on Thursday, August 4, 2022. Subject to the terms of the agreement, shareholders of FCB will receive $47.75 in cash for each share…
Read MoreFirst Citrus Bancorporation, Inc. Reports Solid Growth in 2022 Second Quarter
TAMPA, FL., August 1, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the second quarter of 2022. Net income of $987,000 for the quarter ended June 30, 2022, was 33% lower than the first quarter of 2022 and 50% lower…
Read MoreFirst Citrus Bank SBA Loan Program Helps Tampa Bay Business Owner Grow Jobs Following Acquisition
First Citrus Bank SBA Loan Program Helps Tampa Bay Business Owner Grow Jobs Following Acquisition Tampa, Fla., July 1, 2022 – New job growth is happening in the Tampa Bay area, thanks to the local initiative of U.S. Orthotics’ most recent owner, Saleem Musallam. Musallam is already established within the community as the CEO and…
Read MoreCredit Unions are Becoming the New Community Banks
First Citrus Bank President and CEO Jack Barrett, DFCU President and CEO Ryan Goldberg, and other credit union officers address the influx of credits unions acquiring banks in Florida. Within the article, Goldberg explains the trend, “Credit unions are buying banks to enter new markets, diversify their balance sheets and income statements, as well as…
Read MoreDFCU Financial to Merge with First Citrus Bank and Open State Headquarters in Tampa Bay
DFCU’s focus on retail banking complements First Citrus Bank’s commercial banking business, along with a strong cultural alignment. First Citrus Bank CEO and President Jack Barrett says DFCU Florida won’t lose the personal, high-touch experience that has been a hallmark of the First Citrus Bank. Under the merger, Barrett will become DFCU Florida market president,…
Read MoreMichigan Credit Union DFCU Financial to Acquire Tampa Bay’s First Citrus Bank By End of 2022
Tampa Bay community bank First Citrus Bank has agreed to merge with DFCU Financial, a Dearborn, Michigan-based credit union founded in 1950 by Ford Motor Co. employees. President and CEO Jack Barrett will remain with DFCU as Florida market president, with the remaining members of the executive management team retaining their current positions. All six…
Read MoreTampa’s First Citrus Bank Merging with Michigan Credit Union DFCU Financial in $100M Deal
First Citrus Bank President and CEO Jack Barrett states, “This merger is not only a win for our shareholders, it’s a win for our associates, clients, Tampa Bay and frankly the state of Florida.” Within the Tampa Bay Times article, staff writer Jay Cridlin reports on the details of the merger, including: the all-cash deal…
Read MoreDFCU Financial Announces Transaction with First Citrus Bank in Tampa, Florida
TAMPA, FL, May 12, 2022 – The Boards of Directors of DFCU Financial (“DFCU”) and First Citrus Bancorporation, Inc, (OTCPK: FCIT), the holding company for First Citrus Bank (collectively “FCB”), today announced the execution of a definitive agreement by which FCB will merge with DFCU in an all-cash transaction. Subject to the terms of the…
Read MoreFirst Citrus Bancorporation, Inc. Reports Record-Setting Growth in 2022 First Quarter
TAMPA, FL., April 25, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the first quarter of 2022. Net earnings of $1,463,000 for the quarter ended March 31, 2022, was 28% higher than the fourth quarter of 2021 and 14% lower…
Read MoreTampa Bay Banks Weigh In On Rising Interest Rates
Tampa Bay banks shared their thoughts on the rising prime interest rates on March 30, 2022, as reported by the Tampa Bay Times. David Mastrorio, Executive Vice President and Chief Lending Officer at First Citrus Bank, shared, “At one point there was a lot of talk about the Fed raising it half a point instead…
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