DFCU Financial in Dearborn, Mich., is the latest credit union to agree to buy a bank.
The $6.4 billion-asset credit union said in a press release Thursday that it will buy First Citrus Bank in Tampa, Fla., for $93 million in cash, based on the parent company’s shares outstanding. The deal is expected to close in the fourth quarter.
First Citrus has $689 million of assets.
The acquisition would give DFCU its first operations in Florida, including $398 million of loans, and $622 million of deposits.
Jack Barrett, First Citrus’ CEO, will become DFCU’s Florida market president. DFCU said it will keep all of First Citrus’ branches open after the deal closes.
DFCU was advised by Donnelly Penman & Partners and Honigman. First Citrus was advised by Hovde Group and Smith Mackinnon.