Orion Federal Credit Union in Memphis, Tenn., has agreed to buy Financial Federal Bank in Memphis.
The $1 billion-asset credit union said in a press release Wednesday that it will pay cash for the $751 million-asset Financial Federal. Orion did not disclose the price it will pay.
“This transaction positions Orion to be a fierce competitor in the southeastern region in both the commercial and consumer banking spaces,” Andre Fowlkes, Orion’s chairman, said in the release.
“The partnership is a win for employees and the business community, and will position us to deliver on even greater community outreach activities throughout” Memphis, Fowlkes added.
We believe that the combination … produces undeniable synergies,” Ashley McAdams, Orion’s chief financial officer, said in the release.
“Orion has a legacy of exceptional consumer banking, while Financial Federal has a specialized niche in the commercial banking space,” McAdams added. “Aligning these two organizations will bring depth and bench strength to Orion’s already well-established commercial real estate lending team while supporting Orion’s goal to grow our mortgage product lines and allow us to expand into commercial and industrial lending.”
Orion has more than 72,000 members. Financial Federal has a loan-production office in Nashville.
Orion was advised by Honigman. Financial Federal was advised by Janney Montgomery Scott and Baker, Donelson, Bearman, Caldwell & Berkowitz.