SARASOTA, Fla. — DFCU Financial Credit Union plans to acquire Sarasota-based Gulfside Bank as part of its long-term expansion in Florida, where it already has a presence.
Financial terms of the proposed acquisition were not disclosed.
Gulfside, chartered in 2018 and described as Sarasota’s only locally owned community bank, provides retail, commercial and private banking services. It had approximately $345 million in assets, $256 million in loans and $294 million in deposits as of June 30, according to a statement cited by the Business Observer.
DFCU Financial has $8 billion in assets and nearly a quarter-million members.
Gulfside President and CEO Dennis Murphy will become DFCU Financial’s Sarasota/Manatee area president and continue leading the former Gulfside operations, the publication reported.
‘Exciting Next Chapter’
“This partnership represents an exciting next chapter for our organization, our clients and the communities we serve,” Murphy said in the statement. “We believe this combination will enhance the value we deliver to our clients, expand the resources and solutions available to them and position the combined organization for continued success in the years ahead.”
Gulfside’s two branches, at 333 N. Orange Ave. in downtown Sarasota and 2870 Height St. in Fruitville East, are expected to be rebranded as DFCU Financial in the second half of 2027, according to the statement cited by the Business Observer.
“By joining forces with a larger financial institution that shares our commitment to relationship-driven community banking, we are creating new opportunities for growth,” Murphy said.
‘Important Milestone’
The credit union has 30 full-service branches across metro Detroit, Ann Arbor, Grand Rapids and Lansing, Mich., and nine in Florida. Its Florida network includes five Tampa Bay locations, two in the Orlando area and one each in Naples and Fort Myers.
“This acquisition represents an important milestone in our long-term growth strategy,” DFCU Financial President and CEO Ryan Goldberg said in the statement cited by the Business Observer.
