Jack Barrett, Florida Market President & Chief Commercial Services Officer, DFCU Financial

In an interview with Invest:, Jack Barrett shared how DFCU Financial is expanding strategically across Florida. “We believe in democratizing growth capital — rather than making one large $500 million loan, we’d rather make 500 $1 million smaller loans,” he said. With a strong capital position and a focus on strategic growth, DFCU aims to become the premier financial institution in the region.

Can you provide a brief overview of DFCU Financial, its footprint in Florida, and how its presence has evolved over the past year? 

Year over year, our presence has changed significantly. We closed our first bank branch acquisitions in Southwest Florida, picking up a couple of commercial offices in Naples and Fort Myers. We’re expanding the footprint into Central Florida, linking up the geographies along I-4 West and then south on 75 once you get past Pinellas and 275.

We think that’s a pretty powerful demographic to continue growing our brand. We are tremendously on the rise as an organization. With such a low loan-to-deposit ratio at 32%, we have an artesian well of capital to arm owner-managed enterprises — entrepreneurs, executives, and companies that are “on the grow” — with some offensive growth capital. That’s what we do. Looking at all the areas you cover in your publication — hospitals, healthcare, education, tech, construction, real estate — we expect to have a seat at the table, being supportive of healthy economic growth in a balanced way.

How have recent accolades influenced your operations and engagement in the region? 

It’s a tremendous honor, and Forbes’ Best-in-State Credit Union award has a broad reach among economic decision-makers. This recognition validates our work and helps reinforce our presence. Interestingly, right before this call, I was on a call with alumni award recipients from the University of Tampa, where Malcolm Forbes was my commencement speaker years ago. It’s come full circle in a way, and we appreciate the recognition. 

How do you see growth opportunities, and how do acquisitions like Winter Park National Bank benefit your clients? 

Anytime a financial institution aligns with another institution with significant overlapping shared values, it can be a net positive for our member clients. This is no different. There are a lot of great bankers in Winter Park who are deeply embedded in that market. What we have in common is our operating philosophy: speed-to-market, operational flexibility, and a focus on leading indicators. That means looking through the windshield much more than the rearview mirror. Instead of focusing solely on historical financial statements, we’re putting capital at work supporting dynamic market needs.

How has demand for commercial banking and wealth management evolved, and where are you seeing the most growth? 

The commercial portfolio has been a juggernaut in DFCU Financial’s P&L. That’s why we acquired First Citrus — it was to fuel that commercial growth. We’re running a combined company with 12 commercial lines of business across Michigan and Florida. Our CEO, Ryan Goldberg, runs the company with a broad perspective, balancing organic and non-organic growth. He’ll continue rolling up banks into the fold while we continue lending more and helping our existing clients grow while steadily adding new clients. It’s a lot of fun.

Which industries do you see as poised for growth, and are there specific sectors you’re targeting for new clients? 

We take what the market gives us and meet the opportunities that present themselves. We do a ton of construction lending in the commercial arena, and that will continue. We had a record year last year in terms of new financing, both in dollar amounts and in the number of deals. And they’ve been spread across multiple sectors. Some of our larger credits are in healthcare, supporting major organizations, but we love working with entrepreneurs, too. We believe in the democratization of growth capital. When you spread it around, it does a lot of good.

Given ongoing economic challenges, how is DFCU Financial supporting new businesses in navigating the market? 

I think the tailwinds are mildly attenuating in terms of economic growth, but it’s situational depending on your geography. How are we supporting businesses? Simple: boots on the ground. If you walk into any of our main offices where our lenders and commercial bankers work, you won’t find them there. They’re out in the field, face-to-face with clients.

I’m no exception — they put me out there, too, which is a fun part of my job. Recently, I was in a loan committee meeting approving financing for a father-and-son warehouse construction credit. They didn’t have audited financials from PwC, so the information wasn’t perfect. But we step in, make judgment calls, and deliver capital with less than perfect information. That’s always been the hallmark of our banking brand.

What is your assessment of the financial sector in Tampa Bay and Florida? 

I think there’s potential for regulatory rollback. Right now, there are excessive regulations that go beyond the core mission of safety and soundness. If those constraints ease, banks can get back to business, meeting client needs instead of looking over their shoulder for regulatory “gotchas.” 

The regulatory environment has been heavily tilted toward credit unions for acquisitions because publicly traded banks have been pummeled. Their stock valuations have been down, which has hurt their ability to make deals. But as those stock multiples recover, I think we’ll see more competition for acquisitions, which will drive up prices. I believe we’re at the precipice of a new era in banking. It’s an exciting time.

How do you assess the banking talent pool in Tampa Bay and how are you attracting and retaining talent? 

Your culture should do your recruiting for you. If you walk your talk, your culture will keep people there. We haven’t had a single commercial lending personnel turnover in over seven years, even through an acquisition. That’s not by accident. If you create an environment where bright people work together with high clarity, empowerment, and training, they’ll stay. Every CEO deserves exactly the kind of company they have. If they complain about personnel issues, that’s usually a leadership issue.

How do you perceive the role of technology in financial services, and how is DFCU Financial leveraging innovation? 

Tampa Bay is becoming a tech hub, drawing private equity and venture capital. That creates a lot of opportunities. At DFCU, we’re constantly expanding our online capabilities. Our chief retail service officer and our chief technology officer lead that charge. In this arena, I’m usually the least technological person in the room. But we’re investing heavily in digital banking, chat bots, AI, and automation to better serve clients.

What are DFCU Financial’s top priorities and growth goals for the next two to three years? 

We’re going to be the premier financial institution in Central, West, and Southwest Florida. That will happen. Our CEO is fully committed to this vision. What’s different for us is that we have the dry powder — the capital — to execute on it, both organically and through acquisitions. We’re not stopping with our Midwest One purchase in Naples and Fort Myers, and we’re not stopping with Winter Park National Bank, which is being finalized this year. We’re expanding our tent, growing our brand, and providing more growth capital to small businesses. That’s where the action is, and that’s what fills our cup.