GRAND BLANC, Mich.– Dort Financial Credit Union is reporting it has completed its acquisition of Flagler Bank 1,350-miles south in West Palm Beach, Florida. With the acquisition, Dort Financial Credit Union’s assets have topped $2 billion, with 15 locations in two states.
The credit union now has more than 103,000 members.
As CUToday.info reported here, the then $1.428-billion Dort Financial announced its plan to purchase the then $489.3-million bank in December of 2022.
Dort Financial said it will now operate in Florida as “Flagler Credit Union, a Division of Dort Financial.” The credit union said it will continue to operate the bank’s four branches in Florida.
“We are excited to have completed this acquisition, and to welcome the employees in Florida to our team,” according to Dort’s President & CEO Brian Waldron. “This is a big step in Dort Financial’s growth strategy, allowing us to better serve our members who spend winters in Florida. We look forward to providing our services to the new Flagler Credit Union members and to potential members in Palm Beach and surrounding counties.
“We will provide our full range of services to people in that region,” Waldron continued. “The new Flagler Credit Union members will continue to receive services from the same friendly people that they were accustomed to seeing when they visit one of the former Flagler Bank branches.”
‘Great Opportunity’
Former Flagler Bank President Ed Sterling has been named Dort Financial’s COO.
“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,” said Sterling. “We have been impressed with Dort Financial and are excited to be Flagler Credit Union, a division of Dort Financial. 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.”
Dort Financial said it expects to complete the conversion of Flagler’s members to its systems in June 2024, including their accounts and all services.
New Account Options
“In most cases, those members will be moved to accounts that are a better value,” Waldron stated. “They will pay less in fees, and in some cases earn dividends that they did not receive before. Many of their checking accounts will be converted to our Boost Checking product that is currently paying 6.50% APY when you meet the three simple requirements. Their checking account with Flagler may not have been paying them any dividend before. It’s a great value for these new members.”
Advisors on Deal
CEO Advisory Group, Bancorp I and McQueen Financial Advisors acted as financial advisors to Dort Financial, while Luse Gorman, PC served as legal counsel to Dort Financial. Hovde Group, LLC acted as financial advisor to Flagler Bancshares Corporation and Flagler Bank and Smith Mackinnon, PA served as legal counsel to Flagler Bancshares Corporation and Flagler Bank.
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