JENKS, Okla.--(BUSINESS WIRE)--
Merger results in one of the largest mortgage banks in the nation
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.
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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.
About Gateway First Bank
Gateway First Bank is one of the ten largest banks in Oklahoma and offers a full suite of banking services. Founded in 2000 and headquartered in Jenks, Oklahoma, Gateway has over 1,200 employees in five banking centers, over 160 mortgage centers nationwide and currently services $17 billion in residential mortgages. For more information about Gateway, visit www.GatewayLoan.com. Gateway First Bank. Member FDIC, Equal Housing Lender (NMLS 7233).
Forward Looking Statements
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are typically identified by the use in the statements of words such as “aim”, “anticipate”, “estimate” or “expect” and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. The forward-looking statements that Gateway First Bank makes are based on our current expectations and assumptions regarding Gateway First Bank’s business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties and risks that are difficult to predict. Many possible events or factors could affect Gateway First Bank’s future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include, among others: the possibility that the anticipated benefits of the merger are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Farmers Exchange Bank and Gateway First Bank do business, the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the merger and Gateway First Bank’s ability to complete the integration of Farmers Exchange Bancorp successfully. Gateway First Bank disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.