Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted August 17, 2021

 

MEMPHIS, Tenn. — The $1-billion Orion FCU here has agreed to buy local $751-million Financial Federal Bank.
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The boards of directors of both organizations have unanimously approved the proposed transaction, which is expected to close in the first or second quarter of 2022. Terms of the acquisition were not released.

The transaction awaits approval from federal regulators. Financial Federal reported $11.2 million in net income in 2020 and $3.9 million through March of 2021. Orion FCU reported $5.3 million in net income at midyear with 10.97% capital.

Orion FCU said the deal will expand its products and services and deepen its market share in private banking, residential and commercial lending.


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