Dort Financial Credit Union acquires Flagler Bank in Florida
Completed transaction marks First Bank acquisition for Dort Financial
GRAND BLANC, MI (December 15, 2023) — Dort Financial Credit Union completed its acquisition of Flagler Bank in West Palm Beach, Florida. The transaction grew Dort Financial Credit Union’s assets to over $2 billion with 15 locations in two states.
Dort Financial will operate in Florida as “Flagler Credit Union, a Division of Dort Financial,” according to Dort’s President & CEO Brian Waldron.
“We are excited to have completed this acquisition, and to welcome the employees in Florida to our team,” Waldron noted. “This is a big step in Dort Financial’s growth strategy, allowing us to better serve our members who spend winters in Florida. We look forward to providing our services to the new Flagler Credit Union members and to potential members in Palm Beach and surrounding counties.”
Dort Financial Credit Union will continue to operate the four Flagler branches in Florida.
“We will provide our full range of services to people in that region,” Waldron added. “The new Flagler Credit Union members will continue to receive services from the same friendly people that they were accustomed to seeing when they visit one of the former Flagler Bank branches.”
Former Flagler Bank President Ed Sterling, who is now Dort Financial’s Chief Operating Officer, expressed his excitement for the closing of the transaction and the merger of the two organizations.
“This is a great opportunity to provide our existing customers with expanded services and our employees with even better benefits as members of the Dort team,” Sterling added. “We have been impressed with Dort Financial and are excited to be Flagler Credit Union, a division of Dort Financial. The credit union has a long history of supporting its members and the communities in which it serves. We will continue to do that here in Florida.”
Dort Financial Credit Union Board Chairperson Wayne Natzke said he is also excited about the opportunity to have the credit union serve a new market.
“This is a great new chapter in the over 70-year history of Dort Financial,” he added. “We are confident that we can provide great service to even more people in that area. Now, as one organization, we will be better serving consumers and businesses in both states. It is really a great thing to bring these two high performing organizations together.”
Dort Financial is expected to complete the conversion of Flagler’s members to its systems in June 2024, including their accounts and all services.
“In most cases, those members will be moved to accounts that are a better value,” Waldron noted. “They will pay less in fees, and in some cases earn dividends that they did not receive before. Many of their checking accounts will be converted to our Boost Checking product that is currently paying 6.50% APY when you meet the three simple requirements. Their checking account with Flagler may not have been paying them any dividend before. It’s a great value for these new members.”
“Dort Financial Credit Union’s mission is to enrich people’s lives – members, and employees, and the community,” Waldron noted.
“This growth allows us to further our mission to even more people. We can now help the residents and businesses in four counties in Florida to reach their dreams with our expanded products for individuals,” Waldron added. “We also believe in improving the communities in which we serve. We look forward to supporting the Florida communities in an impactful way.”
CEO Advisory Group, Bancorp I and McQueen Financial Advisors acted as financial advisors to Dort Financial and Luse Gorman, PC served as legal counsel to Dort Financial. Hovde Group, LLC acted as financial advisor to Flagler Bancshares Corporation and Flagler Bank and Smith Mackinnon, PA served as legal counsel to Flagler Bancshares Corporation and Flagler Bank.
About Dort Financial Credit Union
Founded in 1951, Dort Financial Credit Union serves more than 103,000 members, with assets over $2 billion and 11 locations. Membership is open to anyone who lives, works, attends school or worships in the state of Michigan or in Palm Beach, Martin, Hendry, and Broward counties in Florida. The credit union offers comprehensive financial services, including auto loans, mortgages, high interest checking accounts and much more. Learn more at dortonline.org or by calling 800-521-3796.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical or current facts and they often include words like “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “will,” or similar terminology. Certain factors that could cause actual results to differ materially from those expected include, among others, facts or events that delay or complicate the integration of Flagler Bank’s operations into Dort Financial’s business, and legislative and regulatory changes that adversely affect Dort Financial’s business. Except as required by law, Dort Financial does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
