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