Michigan Credit Union Completes Florida Bank Acquisition

Dort Financial Credit Union in Grand Blanc, Mich. said its assets have grown from $1.6 billion to more than $2 billion after completing its purchase of the $513 million Flager Bank in West Palm Beach, Fla., on Dec. 14.

Dort Financial will operate in the Sunshine State as “Flagler Credit Union, a Division of Dort Financial,” Dort’s President/CEO Brian Waldron said in a prepared statement.

“This is a big step in Dort Financial’s growth strategy, allowing us to better serve our members who spend winters in Florida,” he said. “We look forward to providing our services to the new Flagler Credit Union members and to potential members in Palm Beach and surrounding counties.”

Dort Financial Credit Union will continue to operate the four Flagler branches that employ about 40 people.

Former Flagler Bank President Ed Sterling is serving as Dort Financial’s Chief Operating Officer.

“This is a great opportunity to provide our existing customers with expanded services and our employees with even better benefits as members of the Dort team,” Sterling said. “The credit union has a long history of supporting its members and the communities in which it serves. We will continue to do that here in Florida.”

This was Dort Financial’s first bank acquisition deal, which was initially announced in December 2022.