Gateway Mortgage Group has completed its acquisition of Farmers Exchange Bank, with the two companies emerging under the name Gateway First Bank and creating one of the top 5 largest banks in Oklahoma.
Gateway First Bank has $1.2 billion in assets, five banking centers in Northwest Oklahoma, 160 mortgage centers with operations in 40 states and D.C., and more than 1,200 employees, the company said.
The deal, which included the purchase of more than 85% of Farmers Exchange Bank’s stock, was first announced in August and closed on Monday.
Gateway said it raised $40 million in equity capital to fund the deal and support future growth of the new company.
“This acquisition and resulting transformation is a very important achievement for Gateway,” said Gateway CEO Stephen Curry. “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 recognized workplace we’re known for.”