Tennessee state law, legal system and justice concept with a 3d render of a gavel on a wooden desktop and the Tennessean flag on background. Source: AdobeStock.

A Tennessee judge will hear arguments in July on whether to temporarily block, for the second time, the acquisition of a bank by a credit union both based in Memphis.

The Tennessee Department of Financial Institutions (TDFI) filed documents on June 14 to appeal a May 27 court ruling that allows the $1 billion Orion Federal Credit Union to move forward with its proposed purchase of the $818 million Financial Federal Bank in Memphis, which would lift Orion as the sixth largest financial cooperative in Tennessee with nearly $1.9 billion in assets.

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Peter Strozniak

 

Credit Union Times

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