Oklahoma credit union to buy community bank

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Tinker Federal Credit Union in Oklahoma City has agreed to buy Prime Bank in Edmond, Okla.

The $4.4 billion-asset Tinker did not disclose the price of the deal for the $286 million-asset Prime. The deal is expected to close this year.

“We’re excited about the prospect of providing expanded services to [Tinker] members and to customers of Prime as well,” Michael Kloiber, the credit union’s president and CEO, said in a press release Thursday.

Tinker said it would keep all of Prime’s employees and operate a newly formed commercial division out of the bank’s branch.

Prime earned roughly $7 million last year, according to the Federal Deposit Insurance Corp.

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Community banks Credit unions M&A Oklahoma