Winter Park National Bank (WPNB) is moving toward a change of ownership that will retain the features, and faces, that customers have come to know.
The bank announced last week that it entered into a purchase agreement with Dearborn-based DFCU Financial. Founded in 1950, the institution has become one of Michigan’s largest credit unions and began an expansion into the Florida market with the 2023 acquisition of First Citrus Bank in Tampa, and the opening of locations in Naples and Ft. Myers. WPNB President and CEO David Dotherow told the32789 that the purchase offer came as a surprise, but seemed a perfect fit.
“We were not actively looking to sell,” he said. “They were interested in getting into the Central Florida market and looking for a community bank. It was a great offer for our shareholders, but for me it was about our employees and our clients.”
WPNB was founded in 2017 with a focus on filling a need for personalized banking service in the city and the Central Florida market. It currently has approximately 32 employees between its Winter Park headquarters and Longwood branch, and was listed in 2022 by S&P Capital IQ as the third best-performing community bank in the Southeast for institutions with under $10 billion in assets. Dotherow said the acquisition by DFCU will not affect current bank services or the employees behind them.
“When bank sales like this happen, they usually cut 20-30% of employees,” he said. “DFCU was interested in our expertise and they acknowledge our success is due to not only our management team, but the employees who service our clients.” The terms of the sale will also keep the leadership team in place with Dotherow also retaining his position. “They want us to manage Central Florida and there are plans that will allow this team to continue to grow the market.”
“We are thrilled to announce this acquisition and deepen our commitment to serving the communities in Florida,” said DFCU Financial President and CEO Ryan Goldberg in a prepared statement. “Winter Park has been a cornerstone of the Central Florida financial community, and we look forward to building on their legacy by offering our comprehensive, member-centric approach to banking.”
While current staff and services will remain, Dotherow said the sale will widen WPNB’s current range of offerings with permanent mortgage loans, retail loans, and wealth management options. Both institutions are awaiting regulatory approval with an official transaction closing expected in the third quarter of 2025. WPNB will be rebranded under the DFCU Financial title at that time.
“The name will change, but you’ll still be dealing with the same team that has provided the high level of personal service,” Dotherow added. “My job is to make sure that stays intact.”