Sarasota’s only locally owned community bank is being acquired by an $8 billion Michigan credit union that has spent the past three years expanding across Florida, adding another market to a branch network stretching from Tampa Bay to Naples.
DFCU Financial announced Monday that it intends to acquire Gulfside Bank, a Sarasota institution founded in 2018 that had approximately $345 million in assets, $294 million in deposits and $256 million in loans as of June 30. The agreement marks DFCU’s fourth Florida transaction since 2023 and remains subject to regulatory approval. Financial terms were not disclosed.
The acquisition fills a geographic gap between DFCU’s existing operations in Tampa Bay and Southwest Florida. The Dearborn-based credit union already has five branches in the Tampa Bay area, two in Orlando and one each in Naples and Fort Myers. Adding Sarasota would give it a presence in four of Florida’s seven largest metropolitan markets, according to the company.
Gulfside was established by a group of Sarasota business leaders who believed the market needed a locally owned bank where lending decisions could be made close to the customers seeking financing. The institution offers commercial, retail and private banking services, with an emphasis on personal relationships and local decision-making.
Under the agreement, Gulfside President and CEO Dennis Murphy will become DFCU’s Sarasota and Manatee area president, retaining responsibility for the bank’s existing operations. Its branches will remain open and eventually adopt the DFCU Financial name, with service integration planned for the second half of 2027.
“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.
DFCU, founded in 1950, serves more than 242,000 members and operates 30 branches across Michigan. Its financial services include personal and business banking, lending and wealth management. President and CEO Ryan Goldberg said the acquisition would combine the institutions’ resources and expand their ability to serve customers across the region.
Both institutions’ boards unanimously approved the transaction. DFCU is being advised by FHN Financial Securities Corp. and Honigman LLP, while Gulfside is working with Hovde Group and Smith Mackinnon.