Dort Financial Credit Union to acquire Flagler Bank in Florida
Transaction Would Mark First Bank Acquisition for Dort Financial
GRAND BLANC, MI (December 16, 2022) — Dort Financial Credit Union entered into an agreement with Flagler Bancshares Corporation to acquire Flagler Bank, which is headquartered in West Palm Beach, Florida. The transaction, which would grow Dort Financial Credit Union’s assets to nearly $2 billion, requires approval by applicable bank and credit union regulators and Flagler Bancshares Corporation’s stockholders.
Upon completion of the transaction, Flagler will operate as “Flagler Credit Union, a Division of Dort Financial Credit Union,” according to Dort Financial President & CEO Brian Waldron.
“We are working closely with current Flagler Bank CEO Edward Sterling and regulators on the merger,” Waldron noted. “This is a big step in Dort Financial’s strategy, allowing us to better serve our members who spend winters in Florida. We also are excited about bringing our services to existing Flagler Bank customers and to potential members in the Palm Beach and surrounding counties.”
Dort Financial Credit Union will operate Flagler Bank’s four current branches and will be retaining Flagler Bank’s employees to continue to serve its customers with expanded services.
“We plan to provide our full range of services to people in that region,” Waldron added. “We also plan to provide that service with the same friendly people that Flagler Bank’s customers are accustomed to seeing when they visit one of the branches.”
Sterling, who will be staying on in an executive role, noted Flagler Bank is looking forward to the opportunity to join forces with Dort Financial.
“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 we are really looking forward to the future as Flagler Credit Union as a division of Dort Financial. The credit union has a long history of supporting its members and the communities which it serves.”
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. We are looking forward to bringing these two organizations
together. Dort Financial’s focus has really been on serving consumers and Flagler has been very successful with meeting the needs of businesses in their region in Florida. It’s a perfect combination.”
Dort Financial Credit Union’s mission is to open doors for our members by providing quality financial services and the best value possible, Waldron noted.
“This growth allows us to live up to our mission by making our diverse suite of financial services and innovative technology as accessible as possible to residents and businesses in a new region in Florida,” Waldron added. “Dort and Flagler are a really good match when it comes to meeting people’s financial needs and improving the communities which we serve. We look forward to supporting those communities in an impactful way.”
The transaction is contingent on approval by Flagler shareholders and is expected to be completed in the second or early third quarter of 2023, subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions
Dort Financial is being advised in this transaction by CEO Advisory Group, Bancorp I and McQueen Financial Advisors as financial advisors and Luse Gorman, PC as legal counsel. Flagler is being advised in this transaction by Hovde Group, LLC as financial advisor and Smith Mackinnon, PA as legal counsel.
Additional Information
This press release is not a solicitation of any vote or approval of the Flagler Bancshares Corporation stockholders and is not a substitute for the proxy statement or any other documents which Flagler Bancshares Corporation may send to its stockholders in connection with the proposed transaction.
In connection with the proposed transaction, Flagler Bancshares Corporation will provide its stockholders with a proxy statement and other relevant documents concerning the transaction. Stockholders of Flagler Bancshares Corporation are urged to read the proxy statement and other relevant documents, and any amendments or supplements to those documents, because they will contain important information which should be considered before making any decision regarding the transaction.
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.
About Flagler Bank
Flagler Bank’s mission is to be the premier community bank in its service area by providing quality service for the financial needs of its clients. The bank strives daily to build long-lasting relationships with new clients and exceed the expectations of existing clients. Flagler Bank is headquartered in West Palm Beach and is the 54th largest bank in the state of Florida. It was established in 2000 and as of September 30, 2022, it had grown to $489.3 million in assets with 44 employees at 4 office locations.
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 prevent the completion of the proposed transaction, and legislative and regulatory changes that adversely affect the business in which the parties to the transaction are engaged. Except as required by law, neither Dort Financial Credit Union, Flagler Bancshares Corporation or Flagler Bank 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.
