With an eye on long-term growth posturing, Gateway Mortgage Group has entered into an agreement to acquire Oklahoma’s Farmers Exchange Bank.
The agreement is for the purchase of more than 85% of Farmers Exchange Bank’s stock. With the acquisition, Gateway said it anticipates the ability to expand the resulting bank’s suite of services and lower the costs of those services for consumers.
“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,” Stephen Curry, Gateway Mortgage Group’s newly appointed CEO said in a statement.
“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,” he added.
Following the merger, the bank will become one of the top five in Oklahoma, and Donald Powell, former chairman of the Federal Deposit Insurance Corporation will join its board.
“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,” Kevin Stitt, founder of Gateway Mortgage Group said in a statement.
“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,” he added.