Dearborn Federal Credit Union (DFCU) announced its intention to acquire Florida-based First Citrus Bank for $47.75 per share in an all-cash transaction. We estimate that the transaction values the bank at approximately $100 million. The transaction was unanimously approved by the board of directors of both the credit union and the bank. This acquisition will expand DFCU’s operations into the state of Florida.

“First Citrus represents DFCU’s initial expansion into Florida and a significant increase in commercial lending presence and expertise. CEO Jack Barrett’s leadership has fostered a customer centric culture that closely aligns with DFCU’s core values. We look forward to benefiting from his leadership going forward,” said Ryan Goldberg, President and CEO of DFCU.

The credit union serves people in Michigan’s Lower Peninsula and is the 6th largest credit union operating in the state as measured by total assets. DFCU had 232,424 members as of December 2021 and $6.5 billion of assets. Following the transaction the credit union’s assets will exceed $7 billion and according to the company its total capital will also surpass $800 million. The credit union expects the transaction to close in the fourth quarter of 2022.