Telebanc Financial Corp., Arlington, Va., said it plans to buy Direct Financial Corp. for about $26.4 million in cash.

The deal would grow Telebanc's account base by 68%, adding Gibbsboro, N.J.-based Direct Financial's 14,000 accounts to its 21,000.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.