The Boards of Directors of DFCU Financial ("DFCU") and First Citrus Bancorporation, Inc. (OTCPK: FCIT), the holding company for First Citrus Bank (collectively "FCB"), today announced the execution of a definitive agreement by which FCB will merge with DFCU in an all-cash transaction. Subject to the terms of the agreement, shareholders of FCB will receive $47.75 in cash for each share owned. DFCU will also cash out the outstanding options at FCB at the difference between the strike price and the per share cash consideration to FCB shareholders.

The Board of Directors of both financial institutions have unanimously approved the transaction, which will mark DFCU's entry into the state of Florida. As of March 31, 2022, FCB had approximately $689 million in assets, $398 million in loans, and $622 million in deposits. The combined entity will have approximately $7.1 billion in assets and nearly $800 million in capital across its Michigan and Florida footprint with a total of 33 branch locations.

Ryan Goldberg, President & CEO of DFCU, stated, "First Citrus represents DFCU's initial expansion into Florida and a significant increase in commercial lending presence and expertise. CEO Jack Barrett's leadership has fostered a customer-centric culture that closely aligns with DFCU's core values. We look forward to benefiting from his leadership going forward."

Upon completion of the transaction, the entire management team of FCB will join DFCU, with Jack Barrett being named Florida Market President and the remaining executives fulfilling similar roles as they currently hold at FCB for the Florida operations of DFCU. Additionally, DFCU intends to keep all of FCB's branches open following the completion of the transaction.

The transaction is contingent on approval by the shareholders of FCB and is expected to be completed in the fourth quarter of 2022, subject to all required regulatory requirements and approvals and the fulfillment of all customary closing conditions.

DFCU is being advised by the investment banking firm Donnelly Penman & Partners, Inc. and the law firm Honigman, LLP. FCB is being advised by the investment banking firm Hovde Group, LLC and the law firm Smith Mackinnon, PA.

About DFCU Financial

About First Citrus Bancorporation, Inc. and First Citrus Bank

First Citrus Bancorporation, Inc. (OTCPK: FCIT), is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc., is headquartered in Tampa, Florida, and was ranked as the third best-performing regional bank stock in the Southeastern United States over the past three years by S&P Global Market Intelligence.

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. For additional information, please visit https://www.firstcitrus.com.

Forward-Looking Statements

Contact for DFCU:

Peggy Richard
Public Relations Director
DFCU Financial
313-322-8239
[email protected]

Contact for FCB:

Sarah Perez
Marketing & Communications Director
First Citrus Bank
813-925-5864