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A Tennessee judge's order that allows a federal credit union to buy a state-chartered bank was recently decided on the definition of one word – acquire.
Last November, Davidson County Chancery Court Judge Patricia Moskal issued an injunction, which temporarily blocked the pending acquisition after the Tennessee Department of Financial Institutions argued the proposed purchase of the $818 million Financial Federal Bank in Memphis, Tenn., by the $1 billion Orion Federal Credit Union, also in Memphis, is prohibited under state law. TDFI asked Judge Moskal to nix the deal.
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