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  1. #1

    Default TFCU Business Practices

    OKLAHOMA CITY (KFOR) – Tinker Federal Credit Union announced on Thursday that it will acquire substantially all of the asset and operations of Prime Bank in Edmond.

    “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.

    Organizers say that TFCU 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.

    Officials say TFCU will retain all of Prime’s employees and will operate the newly formed commercial division out of prime’s existing branch in Edmond.

    “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,” Drew Litsch, Founder and CEO of Prime, said.

  2. #2

    Default Re: TFCU Business Practices

    I've been a member of TFCU for 20 years, glad to see them continue to expand

    For those in the banking or legal field, how easy (legally) is it for a credit union to acquire a bank? I understand they are extremely similar, but I know there are some legal differences.

  3. #3

    Default Re: TFCU Business Practices

    It’s actually a pretty contentious topic at the moment. Credit Union have preferred tax treatment and all over the country have been buying small banks. Obviously, the banking industry does not like it.

  4. #4

    Default Re: TFCU Business Practices

    Quote Originally Posted by catch22 View Post
    I've been a member of TFCU for 20 years, glad to see them continue to expand

    For those in the banking or legal field, how easy (legally) is it for a credit union to acquire a bank? I understand they are extremely similar, but I know there are some legal differences.
    I’m a member of Jax Navy (now called Vystar), NFCU (Navy Federal Credit Union) and TFCU.

    I think once they buy the banks convert to credit union but the CU gains members in market plus expertise in select segments.

    Credit Unions belong to members who are shareholders. Shareholders elect board members. They are not in business to make profit rather to sustain operations and return back to members. They have to make money to cover expenses and growth.

    Banks are in business for profit. Profits goes to stockholders not members. Different models.

  5. #5

    Default Re: TFCU Business Practices

    Here's a good article that made it's way around our industry last year.

    http://archive.is/hPLAP

    Still, the deals illustrate how competitive credit unions have become, given their tax advantages, lack of shareholders and diminishing constraints on growth.

    “The substantive mission-driven aspects of the credit union charter that are supposed to make them unique and justify many taxpayer benefits have eroded, if not ended,” said Karen Shaw Petrou, whose firm Federal Financial Analytics Inc. published a report in June about credit unions commissioned by the American Bankers Association.
    As you can see, banks are not happy about our growth.

  6. #6

    Default Re: TFCU Business Practices

    Currently use TFCU, very satisfied and impressed with their growth in our city. Wish them the best in acquisitions and expansions...

  7. #7

    Default Re: TFCU Business Practices

    Quote Originally Posted by AP View Post
    Here's a good article that made it's way around our industry last year.

    http://archive.is/hPLAP



    As you can see, banks are not happy about our growth.
    I'm not too upset about it. I have been both a banking and credit union customer and the experience with credit unions far surpasses the bank. It seemed when I was with BoA, it was fee after fee. I can't remember the last time I had a fee from TFCU, possibly an overdraft back in high school or something. Anytime I call they answer, and with Co-Op banking I can use some of the credit unions where I live since my nearest TFCU branch is 500 miles away.

  8. #8

    Default Re: TFCU Business Practices

    Quote Originally Posted by catch22 View Post
    I'm not too upset about it. I have been both a banking and credit union customer and the experience with credit unions far surpasses the bank. It seemed when I was with BoA, it was fee after fee. I can't remember the last time I had a fee from TFCU, possibly an overdraft back in high school or something. Anytime I call they answer, and with Co-Op banking I can use some of the credit unions where I live since my nearest TFCU branch is 500 miles away.
    If you have TFCU you can use any 7-11 ATM without fee’s. There are others too but with CU’s there are so many advantages. TFCU pays me extra interest for my checking account. Its called Click Checking. If you use their online bill pay (no fees either) and have direct deposit and have 10 ETF transactions per month you qualify for extra interest. I usually earn around $28 per month on my checking. Its capped at $30k to get interest, anything higher and you don’t get the extra interest.

    When I was stationed in Jacksonville I joined Jax Navy. They grew so much over the years and changed name to Vystar. They just recently moved into one of the Jax high rises downtown. They are double the size of TFCU. NFCU is the largest CU in the world. When I joined the requirement is you had to be OUTCONUS to do so. Meaning deployed out of US or stationed out of US. I was also a member of San Diego Credit Union at one time but when moved I quit that one since I had all the others.

    Can’t go wrong and everything nowadays can be done by phone or online.

  9. #9

    Default Re: TFCU Business Practices

    Yeah I have click checking also. The 7/11's where I live are national/corporate so the ATM is different than OKC's. But I rarely get cash anyway, usually if I need some I do cashback while purchasing something at the grocery store.

  10. #10
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    Default Re: TFCU Business Practices

    Would personally prefer credit unions remain not-for-profit.

    (30-year TFCU member)

  11. #11

    Default Re: TFCU Business Practices

    Legally they have to. TFCU is acquiring a small commercial bank to begin a commercial division. It's something members have been asking about for a long time. It will mostly be focused on small business and agriculture.

  12. #12
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    Default Re: TFCU Business Practices

    I had heard that Allegiant at 39/Meridian had started doing small business accounts and wondered how, must have been something similar.

  13. #13

    Default Re: TFCU Business Practices

    I'm not exactly sure. They could have started from the ground up. That is very difficult to do. It's much easier to do what TFCU did and acquire expertise somehow. Allegiance is quite small, not sure they would have the capital to acquire anyone. They're about the same size as Prime Bank. ~280M in asset size.

    Edit: From my brief research, it looks like they are only doing business checking which would be much easier to do than business lending.

  14. #14

    Default Re: TFCU Business Practices

    Quote Originally Posted by shawnw View Post
    I had heard that Allegiant at 39/Meridian had started doing small business accounts and wondered how, must have been something similar.
    Many banks in Oklahoma City have no forward public face at all and we tend to not even think of them. They may have all the products of a bank but are rarely (or never) advertised. Small business lending, portfolio management, and private banking are their bread and butter. Think Valliance Bank in the tower at NW Expressway and Blackwelder, it has almost no public face at all. But then, we live in such a different age of "banking," when so many financial products are available to consumers with only a phone number, social security number, and an address. I read that a huge percentage of people under 30 have - literally - never set foot inside a physical bank building. It's a different world.

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