Orion expanding in Little Rock, multiple projects planned in Memphis
Daily Memphian
Christin Yates
Orion Federal Credit Union recently filed a building permit for construction of a new bank branch at 3852 Hacks Cross Road. But that is not the only project in store.
The Memphis-based bank plans to grow its presence in the Little Rock, Arkansas, market and along the Interstate 40 corridor that links the two cities. Orion acquired Arkansas Employees Federal Credit Union in January 2018, which allowed Orion to do business in Little Rock and the surrounding area within that institution’s field of membership.
“We are expanding in the Little Rock market with plans for two to three additional locations there,” Ashley McAdams, chief financial officer for Orion FCU, said. “We will start construction of a branch in Little Rock in the next three months, and we are looking at different opportunities to expand in Little Rock.”
Additional new markets may be coming in the future, Orion officials say, noting that organizations in the financial services industry have to grow to gain economies of scale to provide competitive products and services.
The new branch in Southeast Memphis is a relocation of an existing branch in the area that was difficult to access, McAdams said. Grinder, Taber & Grinder Inc. is general contractor for the $1.9 million project, designed by Looney Ricks Kiss.
In the greater Memphis area, Orion has two other projects in the planning phase. It has purchased a property in Raleigh to relocate a branch there as well.
“We want people to be able to find the branch and have it easily accessible while improving the overall design so customers have a great experience when they walk in our doors,” McAdams said.
The other project on the horizon is a complete renovation of the Germantown branch located at 335 S. Walnut Bend.
“The building has been there for a long time, and it’s difficult to get into and out of,” said Daniel Weickenand, president and CEO of Orion. “We want to make it more modern and give our employees the ability to be true financial advisers.”
The bank receives many requests to add branches in North Mississippi, Weickenand noted.
“We haven’t made any solid decisions on expanding into Mississippi, but we are reviewing it as well as Jackson, Tennessee, which is Ashley’s (McAdam’s) hometown,” Weickenand said.
While expanding its footprint, Weickenand said Orion is taking a broad approach, knowing it has to be skilled in different areas to meet customers’ needs.
“We’re attracted to a variety of markets so we can survive whether economics are good, bad or indifferent,” he said. “You can’t be a master of one thing. If that goes away, you’re done for.”
One priority is putting significant efforts into its digital presence. Weickenand questions whether younger generations will walk into a branch in the future, which is why Orion has invested in its mobile application and other technology advancements.
“In the future, I think branches will still be around, but there may not be as many of them. It’s a unique time in the financial services industry,” he said.
Founded in Memphis in 1957, Orion Federal Credit Union has grown to become one of the largest credit unions in the Mid-South with more than 70,000 members and $800 million in assets. It currently has 200 employees.
When the new Little Rock branch opens, there will be 12 Orion locations in the Mid-South. It relocated its headquarters to the new Wonder Bread development in the Edge District between the Medical District and Downtown earlier this year.
“To be a financial institution in this market and to experience that level of success is something we’re incredibly proud of,” McAdams said. “A majority of our success is thanks to innovative products like our premium checking account that gives members the ability for a better return. We’re consistently looking out for our members’ best interest and putting their money to work for them.”
