By Ray Birch
DEARBORN, Mich.—The $7-billion DFCU Financial here has agreed to buy $794-million Winter Park National Bank, based in Winter Park, Fla., the CU reported.
The agreement marks DFCU Financial’s third bank deal the Sunshine State, the first two signed with First Citrus Bank and Midwest One.
The buy is the 20th CU purchase of a bank this year. As CUToday.info reported, the record for these deals was set in October when OneAZ Credit Union agreed to buy 1st Bank Yuma. That purchase marked the 17th of 2023, topping 2022’s record by one.
The acquisition of WPNB complements DFCU Financial’s existing presence in Florida, which already includes branches in Tampa, St. Petersburg, and Naples.
“We are thrilled to announce this acquisition and deepen our commitment to serving the communities in Florida,” said Ryan Goldberg, president and CEO of DFCU Financial. “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.”
“We’re excited to join the DFCU Financial family as they expand into Central Florida,” said David Dotherow, CEO of Winter Park. “DFCU’s commitment to clients, employees, and communities aligns perfectly with our values at Winter Park National Bank.”
Dotherow will be named Central Florida area president, and will retain leadership responsibilities for the former WPNB operations, the credit union said.
Orlando Offices
DFCU Financial will also retain WPNB’s branch locations. Winter Park’s Orlando branches will be rebranded under the DFCU Financial name, with plans to integrate services in 2025, the credit union said.”
Winter Park made $3.8 million in net income through June and $9.8-million last year, according to FDIC data. DFCU Financial made $55.6 million in net income through September and $48.9 million in 2023, according to Call Report data. The credit union’s net worth is 13.66%.
Michael Bell
The pioneer of CU purchases of banks, Michael Bell, said it has become more common for credit unions to extend their reach across the country with bank purchases.
“Geographic diversity brings economic cycle, deposit gathering and loan demand diversity,” said Bell, a partner and chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing DFCU. “Diversity, in those regards, creates a stronger financial institution.”
Bell has been part of more than 65 whole-bank agreements, plus additional bank branch purchases.