Michigan credit union to acquire Tampa-based bank

First Citrus Bank will become part of DFCU Financial, which has $6.4 billion in assets and is entering the Florida market for the first time.

By Business Observer Staff
| 11:10 a.m. May 12, 2022
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First Citrus Bank President and CEO Jack Barrett. (File photo)

Tampa Bay-Lakeland

First Citrus Bank, a Tampa-based community bank that has $689 million in assets, $398 million in loans and $622 million in deposits, has agreed to merge with Dearborn, Michigan-based DFCU Financial, a credit union founded in 1950 by Ford Motor Co. employees.

According to a news release, the all-cash transaction will see FCB shareholders receive $47.75 for each share owned. President and CEO Jack Barrett will remain with the merged entity as Florida market president. The entire FCB executive management team will also join DFCU, and all former FCB branches will remain open after they’re rebranded.