Gateway Mortgage Group, LLC, a full-service mortgage company licensed in 40 states and the District of Columbia, announced it has completed its merger with Farmers Exchange Bank to form Gateway First Bank, an Oklahoma banking corporation.
Headquartered in Jenks, 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 the District of Columbia, and over 1,200 employees. It is one of the largest banks in the State of Oklahoma by asset size and one of the largest bank mortgage operations in the United States.
“This acquisition and resulting transformation is a very important achievement for Gateway,” said Stephen Curry, Gateway’s Chief Executive Officer. “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.”
To fund the acquisition and support future growth, Gateway First Bank completed an initial closing of a private placement offering, raising approximately $40 million in equity capital. Shapiro Bieging Barber Otteson LLP served as legal counsel to Gateway for the acquisition and the private placement. Sandler O’Neill + Partners, L.P. served as placement agent for the private placement. Manatt, Phelps & Phillips, LLP served as legal counsel to the placement agent. Fenimore, Kay, Harrison & Ford, LLP served as legal counsel to Farmers Exchange Bank in the acquisition.
This press release is for informational purposes only and will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of Gateway securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction.
Source: Company Press Release