DFCU Financial execution of a definitive agreement to acquire First Citrus Bancorporation, Inc. (OTCPK:FCIT) on May 12, 2022. As per the terms of the transaction, DFCU shall acquire FCB in an all-cash transaction. Shareholders of FCB shall receive $47.75 per share.

DFCU shall also cash out the outstanding options at FCB at the difference between the strike price and the per share cash consideration to FCB shareholders. The deal includes First Citrus Bank. Post deal completion, the entire management team of FCB will join DFCU, with Jack Barrett being named Florida Market President.

The Board of Directors of both financial institutions have unanimously approved the transaction. The transaction is contingent on approval by the shareholders of FCB and is subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions. The transaction is expected to be completed in the fourth quarter of 2022.

DFCU is being advised by Donnelly Penman & Partners, Inc. as financial advisor and Honigman, LLP as legal advisor. FCB is being advised by Hovde Group, LLC as financial advisor and Smith Mackinnon, PA as legal advisor.