It is with great excitement that we announce Prime Bank has been acquired by Tinker Federal Credit Union (TFCU) as part of a strategic acquisition between the two financial institutions. After a substantial period of due diligence, the boards of both institutions voted unanimously to proceed with the acquisition. Through the transaction, TFCU has acquired all of the assets and assumed all of the liabilities of Prime Bank.
TFCU is a federally insured $4.7 billion, 409,000 member credit union headquartered in Oklahoma City, Oklahoma, since 1946, chartered and regulated under the authority of the National Credit Union Administration (NCUA).
TFCU has retained all of Prime Bank’s employees, providing you with the same high level of financial services and expertise you have always experienced. Additionally, TFCU will maintain Prime’s existing branch location to operate as the newly formed business division, Tinker Federal Credit Union Prime Business Solutions (Prime).
Through this acquisition, Prime customers have become the newest members of TFCU and gain access to TFCU’s comprehensive range of consumer financial services, such as auto lending, credit cards, mortgages, checking, money market accounts and many other consumer accounts and services. To find out more about these expanded services, go to TinkerFCU.org or visit TFCU’s Edmond West branch, located a mile away at 1401 N Kelly Ave.
The acquisition achieved regulatory approval and was finalized on September 4, 2020. The combined organization has more than $4.9 billion in assets and serves more than 411,000 members.
Thank you for putting your trust in Prime Bank, and we look forward to continuing to serve you as Tinker Federal Credit Union Prime Business Solutions. For more information, check out our FAQs.
FAQs for PRIME BANK CUSTOMERS
Nothing right now, it’s business as usual. Your account number is not changing, and your checks and cards will continue to work as they do now.
How do I log into my accounts?
Just like before. Use the mobile app (you will need to download the newest version) or visit Prime.bank to access your accounts. The only immediate change you’ll see is to the logo and color scheme to reflect the new Tinker Federal Credit Union Prime Business Solutions brand.
Will my branch close?
We’re happy to announce that the Prime location will remain open.
Will there be changes to your staff?
We are pleased to announce that all employees of Prime Bank will become employees of Tinker Federal Credit Union, and they will continue to deliver the high level of financial services and expertise you have come to expect.
What about ATM access?
You’ll have access to the same branch location and ATM network as you currently do. Additionally, you will gain no-fee access to Tinker Federal Credit Union ATMs, located at all Tinker Federal Credit Union branches, for cash withdrawals (deposits will not be accepted at the ATMs).
Can I visit a TFCU branch for account service?
Not yet. We are working out the details to combine our systems. Until further notice, please continue to use your current branch. However, after the acquisition is finalized, you can use your Prime debit card for no-fee cash withdrawals at TFCU-branded ATMs, available at all TFCU branches.
What is a credit union?
We look a lot like a bank, but there are some major differences. Credit unions are not-for-profit, financial cooperatives owned by their members (account holders) and overseen by a volunteer Board of Directors, who are elected by their members.
Can I start using TFCU services now?
Absolutely. You can open an account or apply for a loan online at TinkerFCU.org, or by visiting any of TFCU’s full-service locations. Just a mile away, TFCU’s Edmond West branch is located at 1401 N. Kelly Ave.
Who do I contact with questions?
You can call or email your current Prime Bank contact. We’ll be happy to help! We want to hear from you and help answer any questions you might have about the acquisition. Please contact us directly at (405) 340-2775.
ABOUT THE ACQUISITION
Why is Prime Bank being acquired by Tinker Federal Credit Union?
Earlier this year, Prime Bank began exploring options to gain greater scale, in an effort to increase value for our customers, employees and shareholders. We were introduced to TFCU, and quickly realized that while they could bring us significant scale and resources to grow our operation, we could provide them with competencies, assets and employees who would add significant value to theirs.
What exactly is a credit union anyway?
Credit unions offer similar financial services to what a bank might provide. However, they operate under a different ownership structure. Credit unions are not-for-profit, financial cooperatives that reinvest their earnings back into their operation for the benefit of their member-owners (account holders). Credit union earnings are not distributed to outside shareholders.
Credit unions are led by a volunteer Board of Directors, elected by the credit union’s membership. Deposits in a credit union are federally insured by the National Credit Union Administration (NCUA), a federal agency created by the United States Congress, which administers the National Credit Union Share Insurance Fund (“NCUSIF”) and offers similar deposit insurance to that of the FDIC. The NCUA insures deposits up to at least $250,000 per individual depositor.
Who is Tinker Federal Credit Union?
Founded in 1946, Tinker Federal Credit Union (TFCU) is the largest credit union in Oklahoma, with over 409,000 members and more than $4.7 billion in assets. TFCU offers a full suite of consumer accounts and services – including auto lending, credit cards, mortgages, checking, money market accounts and more. They offer unparalleled convenience with online account access, full-service Saturday hours, an array of financial education resources and a network of 31 full-service branch locations and 53 proprietary ATMs throughout Oklahoma. The credit union also belongs to the CO-OP Shared Branch network, which provides members access to thousands of surcharge-free ATMs and 5,600 shared branch locations.
TFCU is active in the local community and is committed to the areas it serves. It shows that commitment through partnerships with over 800 schools, colleges, businesses, churches and other organizations. For more information about TFCU, please visit their website at TinkerFCU.org.
How can I connect and learn more about TFCU?
To learn more about TFCU, go to any full-service branch, visit TinkerFCU.org or call the TFCU Member Service Center toll free at 1-800-456-4828. Also, follow us on Facebook, Instagram and Twitter.
What is a CO-OP Shared Branch?
Since Tinker Federal Credit Union is a member of the CO-OP Shared Branch network, credit union members can also conduct most credit union business at a nationwide network of shared branches.
In addition to these locations, Tinker Federal Credit Union excels at handling most credit union business over the telephone or online. The credit union is only a click or call away from any country in the world. Tinker Federal Credit Union members have toll-free access through their Member Service Center with more than 50 trained representatives to assist members with their credit union needs.
ABOUT THE PEOPLE
Will TFCU retain the Prime Bank staff?
Yes. We are pleased to announce that all employees of Prime Bank will become employees of Tinker Federal Credit Union, and they will continue to deliver the high level of financial services and expertise you have come to expect.
Who is the new President/CEO?
Michael D. Kloiber is the current President/CEO of Tinker Federal Credit Union. He has been an employee of the credit union for 33 years, and has held this position for 25 years.
Will there be changes to the Board of Directors?
Yes, the Board of Directors of Prime Bank will no longer serve after the acquisition is finalized. We are grateful to them for their years of service to Prime Bank. As part of the acquisition, Tinker Federal Credit Union’s volunteer Board of Directors and Supervisory Committee, which is comprised of knowledgeable leaders from the Oklahoma communities served, will lead our organization.
ABOUT MY ACCOUNTS
How will this affect my Prime accounts?
There will be no changes to Prime account names, structure or fees until after conversion (sometime in 2021) when all accounts are fully integrated. However, Deposit accounts will now be insured by the NCUA up to $250,000 per account category. The NCUA is a federal agency created by the United States Congress, which administers the National Credit Union Share Insurance Fund (“NCUSIF”) and offers similar deposit insurance to that of the FDIC. (See the NCUA and FDIC Insurance comparison chart in this document.)
The insured status of Prime Bank, under the provisions of the Federal Deposit Insurance Act (FDIC), will terminate as of the close of business on September 1, 2020 (“Termination Date”) or shortly thereafter. Insured deposits in Prime Bank on the Termination Date will continue to be federally insured by the National Credit Union Administration. This notice is being provided pursuant to 12 CFR 307.3.
Please contact Michelle West with Prime Bank, 1016 W. Covell Road, Edmond, OK 73003, if additional information is needed regarding this notice or the insured status of your account(s).
More communication about your accounts will be sent closer to conversion.
Will my account number change?
For now, nothing is changing. In the months ahead, our conversion may require a change to account numbers. We will work to minimize any changes made to accounts. We understand that this type of change may cause disruption, so our commitment will be to make any transition as smooth as possible so that you experience no issues in accessing your accounts.
Will my account names change?
While account names may differ slightly, a detailed outline of each account and how it will be labeled will be provided to you prior to conversion.
Will fees change?
Fees are subject to change. You will receive a copy of TFCU’s fee schedule in future correspondence. While you may notice different terminology and intervals at which fees may be charged, it is TFCU’s goal to keep fee amounts the same or less than what was historically charged.
Will my certificate rates change?
All certificates will retain their structure and term when converted to TFCU; however, under federal guidelines any certificates of deposits will be converted to share certificates (just a different name) and earn dividends (at the same rate).
Who can join TFCU?
TFCU is a mutually-owned cooperative that requires members to have a minimum $5 share to access the many accounts, services and benefits TFCU offers. There are over 800 ways to qualify for membership at Tinker Federal Credit Union. If an individual does not qualify through one of these ways, they can join the Literacy Coalition or Jumpstart, which will then qualify them for TFCU membership; therefore, all Prime Bank customers will be able to qualify for membership. To see Field of Membership information, visit TinkerFCU. org/membership. However, if a customer does not elect to become a member of TFCU after they receive more information about how to establish membership, they will not have access to the accounts and services of TFCU and will need to open an account at another financial institution. You will be receiving more information about credit union membership in the future.
What happens if I already have a Tinker Federal Credit Union account and a Prime Bank account?
Following the acquisition, you will continue to have both accounts available to you; they will not be merged or combined. In the event you have more than $250,000 on deposit as a result of the transaction, the excess may not be federally insured. Tinker Federal Credit Union will contact any Prime Bank customer who will have greater than $250,000 on deposit as a result of the acquisition to discuss options.
Will I be able to access my Prime account at TFCU branches?
Not immediately. Following the acquisition, you’ll have access to the same branch location and ATM network as you currently do. Additionally, you will gain no-fee access to Tinker Federal Credit Union ATMs, located at all Tinker Federal Credit Union branches, for cash withdrawals (deposits will not be accepted at the ATMs). Account access at current Tinker Federal Credit Union branches (lobbies and drive-thrus) will not be available until our conversion is complete some time in 2021.
What are TFCU’s hours?
Full-Service Branch Lobby Hours
Branch Drive-Thru Hours
Member Service Center (Call Center) Hours
Note: Branches located on an Air Force base or within a school building may have different hours and services and may have restricted access. For a complete listing, visit TinkerFCU.org/locations/full-service-branch-locations/
Will I still be able to use my Prime cards and checks?
Yes, you may continue to use your existing Prime cards and checks. Your Prime cards and checks will be replaced at a later date, and you will receive more information before they arrive.
Will my consumer loan(s) remain the same?
Your existing consumer loans will transfer to TFCU and will retain the same rates and terms.
How will this affect my loan payments?
You will continue to make your payments the same way you have been making them, but payments will need to be made payable to “Tinker Federal Credit Union.” You should continue to send loan payments to the same address as you currently send them. Following conversion in 2021, your loan payment options will be expanded and you will be able to make a payment or loan inquiry at any TFCU full-service branch or through one of the convenience options provided at TinkerFCU.org/payments.
Will my Prime Bank mortgage remain the same?
Any mortgage loan currently serviced by Prime Bank will retain the same contractual terms. You will continue to make your payments the same way you have been making them, but payments will need to be made payable to “Tinker Federal Credit Union.” You should continue to send mortgage payments to the same address as you currently send them. Following conversion in 2021, your mortgage payment options will be expanded and you will be able to make a payment or loan inquiry at any TFCU full-service branch or through one of the convenience options provided at TinkerFCU.org/payments.
When will I receive my mortgage statement?
There will be no change to the way you’ve been receiving your mortgage statements at this time.
Will my online banking and mobile apps change?
Until our conversion is complete, you will continue to access your accounts online as you do now by visiting Prime.bank. We will notify you well in advance of any changes, new apps and whether these changes include any new requirements in accessing your information. The only differences you’ll see after the acquisition date will be new brand colors and the replacement of the Prime Bank logo with Tinker Federal Credit Union Prime Business Solutions on the website and mobile apps. In addition, FDIC logos will be replaced with NCUA logos to represent your new deposit insurance coverage and being federally insured by NCUA. Please note, the name of the mobile app will change as part of the app update on September 10, 2020. If you have automatic updates set on your phone, no further action is needed. Otherwise, you will need to update the app once it becomes available.
When your name changes, will my direct deposit and automatic withdrawals still work?
Your direct deposit and automated regular withdrawals will continue to work without interruption. When we complete our conversion in 2021, and our routing number changes, we will work with you to ensure there is no interruption to your electronic direct deposit or automated regular withdrawals.
How will I get to the website?
Following the acquisition, you will continue to visit Prime Bank online at Prime.bank. After our conversion in 2021, the official website and links to online account access will become accessible from TinkerFCU.org.
Will employee email addresses change?
Initially, employee emails will not change; you may continue to email our staff at the current email address you have on record. We’ll will notify you of any changes.
Will employee phone numbers change?
There are no plans to change employee phone numbers. You may continue to call staff at the current phone number you have on record.
Will there be changes to your hours?
Any changes to our hours will be listed on our website at Prime.bank.
Will there be any changes to my account notices and statements?
Yes, instead of Prime Bank, you will begin seeing the Tinker Federal Credit Union and/or the Prime Business Solutions logo in place of the existing logo. In addition, you’ll notice a change from the FDIC logo to the NCUA logo, indicating your new federal deposit insurance coverage. You will also see a change from referencing interest to referencing dividends on your interest-bearing accounts. You will receive your statements the same way as you currently do, only the terminology will change.
How will I receive additional information about this acquisition?
You can visit Prime.bank for information and updates. You may also receive periodic mailings and emails with updates and important notices, so please take a moment to update your email address on file.
Who do I contact if I have additional questions?
We want to hear from you to help answer any questions you might have about the acquisition. Please contact Prime at (405) 340-2775.
What terms and conditions will govern my accounts and services and what is changing?
Initially, the terms, conditions, agreements and disclosures (collectively “Document”) that govern your accounts and services will not change. You should note that all of the following references in your Documents are amended as follows: (a) references to Prime Bank are amended to be Tinker Federal Credit Union and/or Tinker Federal Credit Union Prime Business Solutions; (b) references to interest on accounts are amended to be dividends earned on account(s); (c) references to bank are amended to be credit union; (d) references to ‘customer’ (as applicable) are amended to be member; and (e) references to FDIC are amended to be NCUA. Upon conversion, the terms and conditions of your accounts and services will change and you may be required to sign and/or accept new terms, conditions, agreements and/or disclosures.
What changes will happen with my business accounts and business/commercial loans?
Your business accounts and business loans will remain the same and be governed by the same terms, conditions, disclosures, promissory notes and loan agreements. Upon the conversion in 2021, such terms, conditions and disclosures of your account are subject to change; however, your business/commercial loan agreement and terms will remain the same. You should note that all of the following references are amended as follows: (a) references to Prime Bank are amended to be Tinker Federal Credit Union and/or Tinker Federal Credit Union Prime Business Solutions; (b) references to interest on accounts are amended to be dividends earned on account(s); (c) references to bank are amended to be credit union; (d) references to ‘customer’ (as applicable) are amended to be member; and (e) references to FDIC are amended to be NCUA. Upon conversion, the terms and conditions of your business accounts and services will change and you may be required to sign and/or accept new account and/or service terms, conditions, agreements and/or disclosures.