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First Citrus Bancorporation, Inc. Shareholders Approve Transaction with DFCU Financial

·3-min read
First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc.

TAMPA, Fla., Aug. 08, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, announced that its shareholders voted and unanimously approved the DFCU Financial all-cash transaction on Thursday, August 4, 2022. 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.

“It’s no surprise that shareholders overwhelmingly approved our merger because DFCU Financial is such a quality organization. This merger is quite good for our shareholders, many of whom are First Citrus bankers and clients,” said John M. Barrett, President and Chief Executive Officer.

About First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc., 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 sixth best-performing regional bank stock in the Southeastern United States over the past five years by S&P Global Market Intelligence. Stock trades on the OTC Markets under ticker symbol "FCIT."

About First Citrus Bank
First Citrus Bank, a $697 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2021 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA. First Citrus Bank was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine Independent Banker. It serves businesses and individuals through a range of tailored financial solutions specializing in personal and business banking services with six locations throughout Tampa Bay.

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

Information in this release relating to the company's future prospects, which are forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words, such as "expects," "believe," "will," "intends," "will be" or "would." First Citrus Bancorporation assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.


CONTACT: For more information contact: John Linton, EVP & Chief Financial Officer 813.792.7177 jlinton@firstcitrus.com