TFCU Acquires Prime Bank of Edmond
It is with great excitement that we announce TFCU has acquired Prime Bank, a local community bank serving approximately 2,000 customers in Edmond, Oklahoma. After a substantial period of due diligence, the boards of both institutions voted unanimously to proceed with the acquisition.
Through this acquisition, TFCU members will eventually benefit from expanded small business and commercial banking services, including commercial lending, SBA financing expertise, member business checking and other business-related financial services. Prime Bank customers, who have become the newest members of TFCU, gain 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 accounts and services.
TFCU has retained all of Prime Bank’s employees and will maintain its existing branch location in Edmond, at 1016 W. Covell Road, to operate as the newly formed business division, Tinker Federal Credit Union Prime Business Solutions (Prime). Prime employees have joined together with TFCU employees, with a shared commitment to deliver a high level of financial services and expertise to families and small businesses throughout the communities we serve.
The acquisition achieved regulatory approval and was finalized on September 4, 2020. The combined organization has more than $4.9 billion in assets and serves more than 411,000 members.
Thank you for being a TFCU member, and we look forward to continuing to serve you. For more information, check out our FAQs.
Michael D. Kloiber
President and CEO
FAQs for TFCU MEMBERS
Why is the credit union doing this?
The acquisition is advantageous to TFCU members and business partners for several reasons, including:
- We can expand the services available to you, specifically in the area of small business and commercial banking services, including commercial lending, SBA financing expertise, member business checking and other business-related financial services.
- We can add to the financial expertise we provide, with the addition of approximately 25 experienced professionals from Prime Bank.
- Diversifying our assets increases the financial soundness of the credit union.
How does this impact me? Will my account number change? Will any services change?
Your TFCU account number will not change. Once the acquisition is complete, you will gain access to small business and commercial banking services, including commercial lending, SBA financing expertise, member business checking and other business-related financial services. Initially, these new accounts and services will only be available through the Tinker Federal Credit Union Prime Business Solutions location in Edmond.
Is TFCU becoming a bank?
No, TFCU remains committed to our foundation as a federally-chartered, not-for-profit financial cooperative. All assets and liabilities of Prime Bank will be assumed by the credit union.
How will jobs be impacted?
We are pleased to announce that all employees of Prime Bank will become employees of Tinker Federal Credit Union. Prime employees will join together with TFCU employees, sharing a commitment to deliver a high level of financial services and expertise to families and small businesses throughout the communities we serve.
When will this take effect? When will new services take effect?
The acquisition, which is awaiting regulatory approval, is expected to be finalized on September 1, 2020 or shortly thereafter. New business accounts and services will only be available at the former Prime Bank location once the acquisition is complete. We anticipate these new accounts and services to be further integrated into our online/mobile channels and existing TFCU locations sometime in 2021.
If I’m in need of business services in the meantime, can I visit the Prime location?
Absolutely. For more information about the new business accounts and services available to TFCU members, please visit Prime.bank. Once the acquisition is complete, any services you have with the newly formed business division, Tinker Federal Credit Union Prime Business Solutions, will transition to TFCU.