Community Banking: Tinker Federal Credit Will Buy Prime Bank (Oklahoma)

May 1, 2020 | Community Banking, News
https://dailyalts.com/wp-content/uploads/2019/10/Community-Banking.jpg

Tinker Federal Credit announced Thursday that it will purchase “substantially all of the assets and operations” of Prime Bank in Edmond, Oklahoma. The target has roughly $285 million in assets, according to a press release.

“We’re excited about the prospect of providing expanded services to TFCU members and to customers of Prime as well,” announced TFCU President and CEO Michael Kloiber.

More on the Tinker Federal Credit Deal

Tinker Federal Credit Union was founded in 1946. The deal allows the member-owned, not-for-profit cooperative to expand small business and commercial banking services. These services include commercial lending, SBA financing expertise, member business checking, and other business-related financial services.

“We have a lot of members and business partners who have been asking for member business loans and accounts, and this will allow us to bring on the expertise needed to provide those services in the best possible way,” Kloiber said. TFCU will retain all of Prime’s employees. It will also operate the newly formed commercial division out of Prime’s existing branch location in Edmond.

Prime is a community bank with one branch located in Edmond, Oklahoma.

“TFCU’s recognition for outstanding commitment to its members and its employees and focus on service aligns with the way we have operated Prime since its inception,” said Drew Litsch, Founder and CEO of Prime. “We look forward to working together to provide a smooth transition for our customers and team members.”

Both companies’ boards have approved the deals. They will now await regulatory approval.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2019/07/53e4d14a4e5bb114a6d98074cf213576083edbe35052714c752773_640.jpg
Despite Turbulence, Hedge Funds Achieve Q2 Gains

Hedge Funds Up Amid Volatile Markets.   Hedge funds were up nearly two percent in the month of June.  This means that the industry faced its third monthly gain in a…

https://dailyalts.com/wp-content/uploads/2020/07/AMC.png
Private Equity: AMC Takes PE Route to Steer Clear of Bankruptcy 

Silver Lake Group Close on AMC Deal Private equity firm, Silver Lake Group, is on the brink of making a deal with AMC Entertainment Holdings.  The American movie theater giant…

https://dailyalts.com/wp-content/uploads/2020/07/IN19-101631_Stock-Bits-for-All-Master-Invest-LP-Social-share1-sofi.jpg
FinTech: Online Lender and Fintech SoFi Refiles For A National Bank Charter
July 10, 2020     FinTech, News

SoFi becomes one more fintech looking to crossover into mainstream banking after it filed a de novo application with the Office of the Comptroller of the Currency (OCC) for a…

https://dailyalts.com/wp-content/uploads/2020/07/fortnite-4682645_640.jpg
Venture Capital: Sony Pays $250M for a 1.4% Stake in Fortnite Game Maker Epic
July 10, 2020     News, Venture Capital

Sony (NYSE: SNE) announced Thursday its deal to buy a minority stake in Epic Games, the private company behind the battle-royale juggernaut of a game known as Fortnite. It is…