Dearborn, Michigan-based credit union DFCU Financial will acquire Sarasota, Florida-based Gulfside Bank, the companies said Monday.
The value of the deal was not disclosed.
The transaction marks DFCU’s fourth expansion in the Sunshine State in as many years. The credit union bought Tampa, Florida-based First Citrus Bank in a deal announced in 2022. Then it followed up in 2023 by acquiring the Naples and Fort Myers operations of MidWestOne Bank. And in November 2024, DFCU said it would buy Florida-based Winter Park National Bank.
Acquiring Gulfside would give $8 billion-asset DFCU two added branches, along with $344.6 million in assets, $294 million in deposits and $253 million in loans, as of June 30.
In a geographic sense, the acquisition is a connector, filling a coverage gap between Tampa/St. Petersburg and Naples/Fort Myers. The move gives DFCU a physical presence in four of Florida’s seven largest metro areas, the credit union said.
The companies did not give a timeline by which they expect the deal to be complete, but they said the Gulfside branches would be rebranded under the DFCU name with plans to integrate services in the second half of 2027.
“This acquisition represents an important milestone in our long-term growth strategy and reflects our shared commitment to delivering exceptional service, building lasting relationships, and creating meaningful value for our members and communities,” DFCU Financial CEO Ryan Goldberg said in a statement. “By bringing our organizations together, we are combining complementary strengths, expanding our capabilities, and positioning the combined institution for continued success.”
As part of the transaction, Gulfside CEO Dennis Murphy will become DFCU’s Sarasota/Manatee area president, and retain leadership responsibilities for the former bank’s operations, the companies said.
“By joining forces with a larger financial institution that shares our commitment to relationship-driven community banking, we are creating new opportunities for growth while preserving the personal service and local relationships that have always defined us,” Murphy said in a statement Monday. “We believe this combination will enhance the value we deliver to our clients, expand the resources and solutions available to them, and position the combined organization for continued success in the years ahead.”
Florida has served as an epicenter of sorts for credit union-bank tie-ups in 2026. In the span of roughly a month, Pensacola-based Gulf Winds Credit Union announced it would buy two banks: Florida-based Madison County Community Bank and Alabama-based Peoples Exchange Bank.
The DFCU-Gulfside deal marks the eighth bank acquisition by a credit union in 2026 – a gradual slowdown from a record 22 such transactions announced in 2024 and 16 last year.
Rebeca Romero Rainey, CEO of Independent Community Bankers of America, said her trade group has sought to demonstrate “there’s impact and there’s harm” to a community once a credit union acquires a community bank. The ICBA continues to urge lawmakers to end the federal tax exemption for credit unions with $1 billion or more in assets.
America’s Credit Unions CEO Scott Simpson, however, has said changes to the tax code “could negatively impact how credit unions help consumers and communities across the country,” and credit unions’ tax-exempt status benefits the financial well-being of 146 million credit union members in the U.S.
DFCU is not the only Michigan credit union to establish a foothold in Florida. Two credit unions based in the Flint suburb of Grand Blanc – Dort and ELGA – have acquired banks based in West Palm Beach and Vero Beach, respectively.
