Dort Financial in Agreement to Acquire Flagler Bank, Headquartered in Florida
Effective December 12, 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.”
For more information about Dort Financial Credit Union’s intended acquisition of Flagler Bank in Florida, please view our FAQs below, or click here to read the press release.
Flagler Bank FAQs
Q: Why did we choose to acquire Flagler Bank?
A: We are excited about the acquisition of Flagler Bank because it provides efficiencies, new locations, and expanded services that will benefit our members. The boards of Dort Financial CU and Flagler Bank support this merger because our two organizations share similar cultures and values – members first, community always.
Q: Why does Dort Financial Credit Union have a desire to have locations in Florida?
A: This is a big step in Dort Financial’s growth strategy, allowing us to better serve our members in Michigan who spend winters in Florida. This will also allow us to serve potential new members and the financial needs of new communities in Florida. Remember that growth for a credit union is positive because it allows us to provide even more value, expanded products and services, as well as more convenience to our members.
Q: Who is Flagler Bank?
A: Flagler is a premier community bank in the West Palm Beach area in Florida. The bank has been very successful over the years, and has a great presence in the region, focusing on serving businesses and consumers.
Q: Will Flagler become Dort Financial Credit Union?
A: Yes, they will become part of Dort Financial Credit Union. However, they will be named Flagler Credit Union, a Division of Dort Financial in the Florida market because of the prominence of the name there.
Q: Is the acquisition completed at this time?
A: No. The acquisition still requires approval by bank and credit union regulators and Flagler Bancshares Corporation’s stockholders.
Q: Does this acquisition mean we will be only focusing our growth in Florida?
A: No. We are still committed to Michigan, our members here, and the communities in this region as shown by our recent announcement of a new location on Brown Road in Orion Township. Our plan is to continue to offer a great value, and even more convenience, to members in Michigan.
Q: Will we continue to operate the Flagler Bank branches in Florida?
A: Yes. Dort Financial Credit Union will operate Flagler Bank’s four current branches and continue to serve its customers in that market as Flagler Credit Union, a Division of Dort Financial.
Q: What will happen with Flagler’s employees?
A: We plan to provide services to the bank’s existing customers and new members in Florida with the same friendly people that Flagler Bank’s customers are accustomed to seeing when they visit one of the branches.
Q: Will their customers become members and how will that work with our charter?
A: Yes. Flagler Bank customers will become our members and our initial field of membership in Florida will include those who live, work, worship, or attend school in four counties: Palm Beach, Broward, Hendry, and Martin.
Q: Will Flagler be run as its own entity?
A: No. Dort Financial Credit Union and Flagler will become one organization. Members will be able to transaction business at any of the locations in Michigan or Florida, just as you can at any of the existing Dort Financial branches today.
While we will continue to use the Flagler name and brand in Florida, all existing Dort Financial Credit Union members, as well as our new members who are currently Flagler Bank customers, will be able to transact their business at any of our Michigan or Florida locations. We will be able to provide all accounts and services to all of our members as one organization.
For more information about Dort Financial Credit Union’s intended acquisition of Flagler Bank in Florida, please click here.
