Orion Federal Plans Midown Little Rock Location


Orion Federal Plans Midown Little Rock Location
Orion Federal Credit Union of Memphis bought the midtown lot outlined above for $225,000 from Mangan Properties LLC. (Google Earth)

Orion Federal Credit Union of Memphis is moving forward on a second location in Little Rock after buying a midtown location for $225,000.

The $928 million-asset lender acquired the 0.72-acre site at the southeast corner of University Avenue and Evergreen Drive.

Orion entered the Little Rock market last year after merging with Arkansas Employees Federal Credit Union and taking over its 306 Cross St. quarters staffed by seven.

The $33.5 million-asset AEFCU reported combined annual losses of more than $1.1 million during 2014-17.

After booking a $111,000 profit in 2013, the credit union recorded losses of $63,500 in 2014, $382,000 in 2015, $373,000 in 2016 and $350,000 in 2017.

Founded in 1957, Orion Federal generated an $11.1 million profit in 2018 and net income of $4.5 million through the first six months of 2019.

Backed by a staff of 200, Orion has 73,538 members. Founded in 1982, AEFCU tallied 6,347 members.

At last count, Orion ranked as the seventh-largest credit union in Tennessee and the 368th-largest credit union in the nation.