Following the acquisition, the Stitt Family Trusts plan to merge Gateway Mortgage Group into Farmers Exchange, which will support the long-term growth of both institutions, as well as diversify the financial services offered to both mortgage and bank customers.
Closing of the acquisition is subject to regulatory approval and certain other customary closing conditions.
Following the closing of the acquisition, the bank will be one of the top five in Oklahoma by employment and net income.
The acquisition will allow the resulting bank to offer clients a broader range of products while lowering costs for financial services. The resulting bank’s business model will build upon the success of Gateway Mortgage Group, which has become one of the largest privately held mortgage companies in the country.
Gateway Mortgage Group CEO Stephen Curry said: “We believe this acquisition is an important next step for Gateway Mortgage Group that will allow for growth, providing greater opportunity for employees and the communities they serve.
“Through this acquisition, both Farmers Exchange Bank and Gateway Mortgage Group can expect to gain improved products and technology that will enhance their ability to strengthen the families in their communities. We’re excited about this new venture and the benefits it will provide to our customers.”
Gateway Mortgage Group founder Kevin Stitt said: “Gateway Mortgage Group has always maintained a strategic eye on growth in Oklahoma, and we are proud of the great culture and workplace that we’ve been known and recognized for.
“We are excited to extend a warm welcome to the new team members, their families, and the customers of Farmers Exchange. Our company was built on the foundation of a set of core values that drive us every day to continue expanding development opportunities for our communities and the team members that work here while we support the financial needs of our customers across the country.”
Following the merger, Donald Powell, former Chairman of the FDIC under President Bush, plans to join the resulting bank’s Board of Directors.
Shapiro Bieging Barber Otteson, LLP served as outside legal counsel to the Stitt Family Trusts and Gateway Mortgage Group. Fenimore, Kay, Harrison & Ford, LLP served as outside legal counsel to Farmers Exchange Bank.
Source: Company Press Release
