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DFCU Financial Credit Union Plans to Acquire Winter Park National Bank

The purchase, if approved by regulators, will expand the Michigan credit union’s market presence in Florida.

By Peter Strozniak | November 09, 2024 at 10:38 AM
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The $6.5 billion DFCU Financial Credit Union in Dearborn, Mich., said Friday it plans to acquire the $845 million Winter Park National Bank in Winter Park, Fla., by the third quarter of 2025 pending regulatory approvals.The deal’s financial terms were not disclosed.Founded in 2017, WPNB’s two branches and 32 employees serve 1,400 customers in the Winter Park-Orlando-Kissimmee area. DFCU said the proposed acquisition complements the credit union’s existing presence in Florida with eight branches. DFCU completed the purchase of the $692 million First Citrus Bank in Tampa in January 2023. Later that year the credit union bought two bank branches in Naples and Ft. Myers.At the end of the third quarter, WPNB posted $460 million in loans and $736 million in deposits, compared to $393 million in loans and $660 million in deposits at the end of the third quarter in 2023, the bank’s FDIC filings showed.WPNB recorded $5.8 million in net income at the end of the third quarter, compared to $7.6 million in net income as the end of last year’s third quarter, according to FDIC filings.“Winter Park has been a cornerstone of the Central Florida financial community, and we look forward to building on their legacy by offering our comprehensive, member-centric approach to banking,” DFCU Financial President/CEO Ryan Goldberg said in a prepared statement.As part of the acquisition agreement, David Dotherow, WPNB’s CEO, will be DFCU’s Central Florida area president, responsible for the bank’s branch operations that will be rebranded under the DFCU Financial’s name.This is the 20th credit union-bank acquisition agreement that has been announced this year. In addition, there is one proposed merger of the $150 million Arrha Credit Union in Springfield, Mass., with the $404 million Pittsfield Co-operative Bank in Pittsfield, Mass.In 2023, 11 credit union-bank buy deals were announced, but one agreement has not yet been finalized. In 2022, there were 16 credit union-bank agreements, but two deals were not finalized.

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