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Michigan credit union to buy Florida bank

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Michigan credit union to buy Florida bank

The acquisition of Sarasota’s Gulfside Bank fills a coverage gap between Tampa and Fort Myers for DFCU Financial, which is marking its fourth expansion in the Sunshine State.

Dearborn, Michigan-based credit union DFCU Financial will acquire Sarasota, Florida-based Gulfside Bank, the companies said Monday.

The transaction marks DFCU’s fourth expansion in the Sunshine State in as many years. The credit union bought Tampa, Florida-based First Citrus Bank in a deal announced in 2022. Then it followed up in 2023 by acquiring the Naples and Fort Myers operations of MidWestOne Bank. And in November 2024, DFCU said it would buy Florida-based Winter Park National Bank.

Acquiring Gulfside would give $8 billion-asset DFCU two added branches, along with $344.6 million in assets, $294 million in deposits and $253 million in loans, as of June 30.

In a geographic sense, the acquisition is a connector, filling a coverage gap between Tampa/St. Petersburg and Naples/Fort Myers. The move gives DFCU a physical presence in four of Florida’s seven largest metro areas, the credit union said.

The companies did not give a timeline by which they expect the deal to be complete, but they said the Gulfside branches would be rebranded under the DFCU name with plans to integrate services in the second half of 2027.

“This acquisition represents an important milestone in our long-term growth strategy and reflects our shared commitment to delivering exceptional service, building lasting relationships, and creating meaningful value for our members and communities,” DFCU Financial CEO Ryan Goldberg said in a statement.


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