The Bank Slate


Dort Financial Credit Union plans to buy Fla. bank

Dort Financial Credit Union in Grand Blanc, Mich., has agreed to buy Flagler Bank in West Palm Beach, Fla., from its parent company.

The $1 billion-asset Dort is the 13th credit union to agree to buy a bank this year, excluding terminations. That matches 2019 for the highest number of credit-union bank deals.

Flagler, a unit of Flagler Bancshares, has $489 million of assets. The bank will be rebranded as Flagler Credit Union when the deal closes.

The deal is expected to close in the second or third quarter, according to a circular distributed by Hovde Group. Hovde advised Flagler.

The all-cash deal is valued at $90 million, according to Crains Detroit.

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