Fintech: Southeast News

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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.

{mprestriction ids="1,4,9"}“Orion’s board of directors is extremely excited to announce this partnership between two uniquely positioned Memphis-based financial institutions,” said OFCU Chairman Andre Fowlkes. “This transaction positions Orion to be a fierce competitor in the southeastern region in both the commercial and consumer banking spaces. The partnership is a win for employees and the business community, and will position us to deliver on even greater community outreach activities throughout the City of Memphis.”

Orion CEO Daniel Weickenand said the acquisition supports Orion’s goal of enhancing the banking experience for its current and future members.

“We are extremely excited that Financial Federal has agreed to join the Orion team, bringing together two organizations with a rich history and shared philosophy of putting our members and our community first,” said Weickenand.

Kent Wunderlich, Financial Federal CEO, said the sale offers “significant opportunities to our clients, communities, employees and shareholders. This partnership is an excellent opportunity to create value for both institutions.”


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