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 First Citrus Bank offices will remain open following the merger and rebranded as DFCU Florida. The transaction will close in the fourth quarter of 2022, subject to approval by FCB shareholders and customary regulatory approvals.
“We’re delighted that DFCU has chosen Tampa Bay as their Florida headquarters and honored they have entrusted our executive team to build upon their 72-year history,” 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.”
To read the complete Business Observer article, click: Michigan credit union to acquire Tampa-based bank