DFCU Financial is doubling down on Florida.

The Dearborn, Michigan-based credit union announced its second recent whole bank acquisition in the Sunshine State Friday with the purchase of Winter Park National Bank in Winter Park, Florida.

Financial terms of the deal were not disclosed.

The $6.6 billion-asset credit union closed on its deal for the $689 million-asset First Citrus Bank in Tampa in early 2023.

In addition, DFCU last year bought the Florida operations of Iowa-based MidWestOne Financial Group, which included $158.8 million of deposits, $162.2 million in gross loans and the bank’s two branches.

DFCU said the Winter Park acquisition will complement its existing presence in Florida, which already includes branches in Tampa, St.Petersburg, Naples and Fort Myers.

Ryan Goldberg, president and CEO of DFCU, said the transaction represents a deepening commitment by the credit union to the Florida market.

“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,” he said.

The bank was formed seven years ago and has $794 million of assets.

Winter Park’s Orlando branches will be rebranded under the DFCU Financial name, with plans to integrate services in 2025.

No specific closing timeline for the transaction was provided.

The deal is the 20th announced this year in which a credit union is buying a bank.

Most recently, Oak Ridge, Tennessee-based Y-12 Federal Credit Union in October said it will enter the Kentucky market with the acquisition of First State Bank of the Southeast, which is headquartered in Middlesboro.

Prior to 2024, the most credit union-buying-bank deals ever announced in a year was 16 in 2022.

There were 11 such deals announced last year.

Florida has been a hot spot for credit union-bank deals in recent years. Earlier in 2024, another Michigan credit union announced plans to buy a Florida bank.

The $1.5 billion-asset ELGA Credit Union in Grand Blanc in June agreed to acquire Vero Beach-based Marine Bank & Trust in an all-cash transaction.

Michael Bell, an attorney at Honigman who advised DFCU on the transaction, told Tyfone consolidation in the banking space continues and “perhaps will actually increase once the Trump administration makes changes in the regulatory space.”

David Dotherow, CEO of Winter Park National Bank, said DFCU’s commitment to clients, employees and communities aligns perfectly with the bank’s values and thus made it a perfect partner.

Dotherow will become DFCU’s central Florida area president and will retain leadership responsibilities for the former WPNB operations.

But Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, said Congress should investigate the “outdated policies” driving the current acquisition trend and whether taxpayers should “continue subsidizing community banking consolidation.”

DFCU earned roughly $55.7 million in the first three quarters of 2024, a 20% decrease compared to a year earlier, according to call report data from the National Credit Union Administration.

““DFCU’s support in maintaining our local leadership and team ensures we’ll continue to
grow and serve Central Florida with excellence.”

 – David Dotherow
CEO
Winter Park National Bank