OKLAHOMA CITY, Okla. – April 30, 2020 – Tinker Federal Credit Union (“TFCU”) and Prime Bank (“Prime”) announced today that TFCU has agreed to acquire substantially all of the assets and operations of Prime. “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.
TFCU’s members will benefit from expanded small business and commercial banking services, including 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.
“Prime’s customers will continue to receive the high level of service they have relied upon,” Kloiber said, “and will also have access to TFCU’s comprehensive range of consumer based financial services, such as auto lending, credit cards, mortgages, checking, money market accounts and many other consumer products and services.”
TFCU will retain all of Prime’s employees and will operate the newly formed commercial division out of Prime’s existing branch location in Edmond.
Drew Litsch, Founder and CEO of Prime said: “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. We look forward to working together to provide a smooth transition for our customers and team members.”
The acquisition, which has been unanimously approved by the boards of both institutions, is awaiting regulatory approval and is expected to close later this year. McQueen Financial Advisors is acting as financial advisor and Howard & Howard is acting as legal counsel to TFCU. Commerce Street Capital is acting as financial advisor and Blaney Tweedy Tipton & Hiersche, PLLC is acting as legal counsel to Prime. Financial terms of the transaction were not disclosed.
“The combination of Prime’s areas of business expertise with TFCU’s almost 75 years of experience with consumer financial services will create an extremely high level of long-term value to all of TFCU’s 400,000 members and Prime’s 2,000 customers,” Kloiber said.
About TFCU
Tinker Federal Credit Union, founded in 1946, is a member-owned, not-for-profit cooperative, with a full range of financial services, including auto lending, credit cards, mortgages, checking, money market accounts and many other consumer products and services. For more information, visit www.tinkerfcu.org
About Prime Bank
Prime is a community bank with one branch located in Edmond, Oklahoma with a focus on commercial banking services to small businesses and commercial clients. For more information, visit www.prime.bank