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/2020/09/city-3775520_640.jpg
Artificial Intelligence: AI Detects Loneliness With 94% Accuracy
September 25, 2020     Artificial Intelligence, News

Researchers at the University of California San Diego School of Medicine have found in a study that AI tools using NLP can predict the level of loneliness in older adults.

https://dailyalts.com/wp-content/uploads/2020/09/ecommerce-3562005_640.jpg
FinTech: Stripe To Process Cloud Payments For Salesforce’s Digital 360
September 25, 2020     FinTech, News

CRM leader Salesforce (NYSE: CRM) announced that Stripe, the leader in global payments processing, will power its Commerce Cloud Payments for its all-new Digital 360 platform. The Digital 360 platform…

https://dailyalts.com/wp-content/uploads/2020/09/deforestation-2833700_640.jpg
Digital Assets: Conglomerates Employ Technology To Track Deforestation
September 25, 2020     Digital Assets, ESG and Sustainability, News

JBS S.A. (BVMF: JBSS3), the largest meatpacker in the world, has committed to maintaining a vigil against deforestation throughout its supply chain. The Brazilian company has been under pressure from…

https://dailyalts.com/wp-content/uploads/2020/09/screenshot-greenlightcard.com-2020.09.25-12_01_13.png
Venture Capital: Greenlight Financial’s Series C Earns It $215M And Unicorn Badge
September 25, 2020     FinTech, News, Venture Capital

Greenlight’s mission to help kids save and spend smart with its debit cards received a $215 million boost Thursday via its Series C funding. Led by Canapi Ventures and TTV…