DFCU Financial entered into a definitive purchase and assumption agreement to acquire Florida operations from MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) on September 25, 2023. The transaction is an all-cash deal that includes the transfer of $158.8 million of deposits, $162.2 million in gross loans, and two branch locations. 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 the completion of the transaction. The transaction is subject to all regulatory requirements and approvals. The transaction has been approved by the respective board of directors, and is expected to close in the second quarter of 2024.

Hovde Group, LLC served as financial adviser and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to MidWestOne. Donnelly Penman & Partners, Inc. served as financial adviser and Michael Bell of Honigman LLP provided legal counsel to DFCU Financial.