MidWestOne Bank’s Fort Myers and Naples banking operations were acquired by Dearborn, Michigan-based DFCU Finanancial, a national credit union with $6.3 billion in assets, for about $11.9 million, company officials said. The acquisition of the Iowa-based bank’s Florida operations will add consumer and commercial deposits and loans of approximately $159 million from the Naples operation, 4099 Tamiami Trail N., Suite 100, and $162 million from the Fort Myers, 8690 Gladiolus Drive, operation. 

Upon completion of the transaction, which is expected in the second quarter of 2024, all Florida employees of MidWestOne are expected to be retained by DFCU, fulfilling similar roles as they currently hold at MidWestOne. Additionally, DFCU intends to keep both branches open following completion of the transaction. 

DFCU Financial acquired Tampa-based First Citrus Bank in January 2023. The expansion will add to DFCU’s Florida footprint, resulting in a total of eight branch locations.