DFCU Financial to Acquire Two Florida Branches of MidWestOne Bank
THE TRANSACTION
On September 25, 2023, The Boards of Directors of DFCU Financial ("DFCU") and MidWestOne Financial Group, Inc. (Nasdaq:MOFG), the holding company for MidWestOne Bank, announced that they have signed a definitive agreement for DFCU to acquire the Naples and Fort Myers banking operations of MidWestOne Bank.
By acquiring the two MidWestOne branches in the Naples-Marco Island MSA and the Cape Coral-Fort Myers MSA, DFCU will add consumer and commercial deposits and loans of approximately $158 million and approximately $160 million respectively.
This acquisition continues DFCU's expansion in Florida. DFCU Financial established its presence in Florida in January 2023 through its acquisition of Tampa-based First Citrus Bank. The expansion will add to DFCU's Florida footprint, resulting in a total of eight branch locations.
The transaction is expected to be completed in the second quarter of 2024, subject to all regulatory requirements and approvals and the fulfillment of all customary closing conditions.
Our Client
DFCU FINANCIAL
Founded in 1950 and headquartered in Dearborn, Michigan, DFCU Financial is one of the top performing credit unions in the country with approximately $6.3 billion in assets, approximately $850 million in net worth, and more than 240,000 members. DFCU is committed to its members and the communities they serve, operating 28 full-service branches in metro Detroit, Ann Arbor, Grand Rapids and Lansing, MI, and six in the Tampa Bay area, staffed by local financial specialists qualified to help members and businesses achieve important financial milestones. Ranked as one of the Best-in-State credit unions, DFCU is known for its member Cash Back program, which for 17 consecutive years has paid out an aggregate total of more than $430 million since its inception.
Transaction Partner
MIDWESTONE FINANCIAL GROUP, INC.
MidWestOne Financial Group, Inc. (Nasdaq:MOFG), is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado.
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