DFCU Financial to buy $345 million-asset Florida bank.
The Dearborn, Mich., credit union’s planned acquisition of Gulfside Bank would mark its fourth Florida banking deal since 2023, extending its reach into the Sarasota market.
DFCU Financial Credit Union, an $8 billion institution based in Dearborn, Mich., said Monday it plans to acquire Gulfside Bank of Sarasota, Fla., in a deal that would deepen its presence in the state and add a market between its existing operations around Tampa Bay and southwest Florida.
Gulfside, founded in 2018, has $345 million in assets. The transaction has been unanimously approved by the boards of both institutions but still requires regulatory approval.
For DFCU, the proposed acquisition marks its fourth transaction in Florida since 2023. It would give the credit union a foothold in the Sarasota-Manatee area and a presence in four of Florida’s seven largest metropolitan statistical areas, according to the announcement.
The acquisition builds on DFCU’s existing operations in Tampa Bay, Orlando, Fort Myers and Naples. The credit union also bought Winter Park National Bank in Florida in 2025.
Ryan Goldbert, DFCU’s chief executive, described the deal as another step in expanding the institution’s Florida operations. In a LinkedIn post, he said the combination would provide entry into the Sarasota and Manatee area and that DFCU looked forward to welcoming Gulfside’s employees and clients.
Gulfside has emphasized local decision-making, customized products and relationship-based service in the Sarasota market. DFCU said the combination would allow it to offer its products and services to a broader base of members.
DFCU has also reported stronger earnings this year. It had 242,800 members and $8 billion in assets, and earned $61.1 million in the first half of 2026, up from $44 million in the same period a year earlier, according to NCUA call report data.
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The deal comes as credit unions continue to pursue acquisitions of community banks, a strategy that has drawn criticism from some banking executives who argue that tax-exempt cooperatives are expanding beyond their traditional mission.
Eight credit union-bank acquisition deals have been announced in 2026, according to data compiled by Tyfone. Gulf Winds Credit Union has announced the most recent two of them: an agreement to acquire the $99 million-asset Peoples Exchange Bank in Monroeville, Ala., and a deal for Madison County Community Bank in Florida. The $1.4 billion-asset Pensacola institution has also announced plans to change its name to TruWorth Credit Union in spring 2027.
Brad Bolton, president and chief executive of Community Spirit Bank in Red Bay, Ala., and a former chairman of the Independent Community Bankers of America, criticized DFCU’s planned acquisition in a LinkedIn post. He called it another “taxpayer-assisted transaction” and questioned whether a Michigan credit union buying a Florida community bank was consistent with the industry’s mission to serve people of modest means.
Bolton also called for congressional hearings into whether credit unions have moved away from that mission, arguing that their tax treatment deserves greater scrutiny.
The debate reflects a continuing point of tension between credit unions and community banks. Credit unions are member-owned and generally exempt from federal income taxes, while community banks pay corporate income taxes. Bankers have increasingly challenged credit unions’ acquisitions of banks, particularly as larger credit unions expand into new states.
For DFCU, the next step is regulatory review. If approved, the Gulfside acquisition would extend its Florida footprint into Sarasota and Manatee counties while adding another transaction to its growing portfolio of bank acquisitions.
“I assume that a Michigan credit union buying a community bank in Florida is just an expansion of serving ‘modest means customers’ with a common bond. What’s the common bond, serving wealthy Floridians?”
Brad Bolton
CEO
Community Spirit Bank
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
