Gateway Mortgage Group has concluded the merger of its operations with Farmers Exchange Bank.
The amalgamated group will operate as Gateway First Bank. It is headquartered in Oklahoma.
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The entity has five banking centres in Northwest Oklahoma, as well as 160 mortgage centres with presence across 40 states and the District of Columbia.
The combined group has staff headcount of over 1,200 and assets of $1.2bn.
It is said to be one of the largest banks in Oklahoma by asset size.
The deal was first announced last August.
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By GlobalDataIt involved an 85% stock acquisition in Farmers by Gateway parent Stitt Family Trusts.
Gateway secured around $40m in equity capital to fund the takeover.
The financing will also be used to drive future growth at the firm.
Commenting on the deal, Gateway CEO Stephen Curry said: “By combining two successful Oklahoma companies to form Gateway First Bank we have created a robust foundation for future growth.
“Over the next year we intend to deliver significant enhancements to the customer experience and new products, while maintaining the superior service, great culture and nationally-recognised workplace we’re known for.”
Recently, Gateway selected FIS as the technology partner for the new bank.
The vendor will provide the core platform for the bank.
