Orion Federal Credit Union CEO Daniel Weickenand and CFO Ashley McAdams announced today that the credit union has reached more than $1 billion in assets.
Founded in Memphis in 1957, Orion Federal Credit Union has grown to become the largest credit union in the Mid-South with more than 72,000 members and $1 billion in assets. Orion offers a full spectrum of banking options ranging from savings and checking accounts to home, auto, personal, and commercial real estate loans.
As a member-owned financial institution, Orion’s profits are passed along to members through higher deposit rates, lower loan rates, and affordable financial services that help pave the way to financial freedom. Orion has also taken seriously its responsibility to turn profits back to members in the form of community support.
“This milestone represents not just the success of Orion’s financial services, but also the increased investment we’ve been able to make in the communities we serve,” said Orion CEO Daniel Weickenand. “As Orion has grown, our investment in the community has grown with us.”
Orion has become an industry leader in giving back to local organizations and supporting many inclusive, free public events focused on bringing our communities together. The company has supported over 100 non-profits and committed more than $2 million to the Memphis and Little Rock communities in the last few years. Orion team members have additionally served more than 4,000 volunteer hours since 2017.
“Orion’s products and services are designed specifically to meet the needs of our community, and this achievement reflects the success of that approach, along with the hard work of an incredible team,” said Orion CFO Ashley McAdams. “We’re proud to serve as a trusted partner for our members along their financial journey.”
The spirit of cooperation instilled at its founding remains a steadfast principle for Orion. “While celebrating this success, Orion remains committed to what is possible when we pool our resources to build something greater for our community,” stated Weickenand.
In 2019, Orion was a key player in the revitalization of the Edge District with the renovation of the abandoned Wonder Bread factory as its company headquarters. This commitment led the way for more companies, restaurants, and retail to move into the area. Just two years later, the Edge is now a bustling corridor of economic growth between Downtown Memphis and the Medical District.
Orion’s history began in the basement of East High School, when a group of teachers in Memphis City Schools saved $300 in a piano bench, loaning their hard-earned money to colleagues as needed. More than 60 years later, Orion continues with the spirit of cooperation and anticipates future growth and expansion.