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 placed a stay on her previous ruling, which allows a regulator to ask the state’s appeal court to stop the $1 billion Orion Federal Credit Union from purchasing the $818 million Financial Federal Bank.

Davidson County Chancery Court Judge Patricia Moskal ordered the stay Monday on her previous ruling, which rescinded her temporary injunction to allow the Memphis-based credit union to buy the bank. She initially blocked the purchase with a temporary injunction last November after the Tennessee Department of Financial Institutions (TDFI) said the acquisition agreement is prohibited under state law.

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Peter Strozniak

 

Credit Union Times

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