Thursday, February 07, 2019

FDIC approves merger of Gateway Mortgage and Farmers Exchange Bank

Gateway Mortgage Group, the company founded by now-Governor Kevin Stitt, is merging with a western Oklahoma bank as it expands into new territory. According to the Journal Record, Gov. Stitt's stake in the company will be at least 60%, although Stitt is maintaining a business separation for the duration of his tenure as governor.

FDIC Approves Merger of Gateway Mortgage Group and Farmers Exchange Bank

JENKS, Okla. (February 4, 2019) — Today, Gateway Mortgage Group, LLC, a full-service mortgage company licensed in 40 states and the District of Columbia, announced it received approval from the Federal Deposit Insurance Corporation (FDIC) to merge with Farmers Exchange Bank in Cherokee, Okla.

Gateway First Bank will be the new name of the bank formed as a result of the merger between Farmers Exchange Bank and Gateway Mortgage Group, LLC, and will be a diversified financial institution with a strong capital base, size and scale. After closing, Gateway First Bank will be one of the nation’s largest mortgage banks and will expand to provide a full suite of banking products, especially mortgage solutions, to its more than 100,000 customers.

“We will build upon two unique, but strong foundations to bring a differentiated type of financial services company to Oklahoma and the communities we serve around the nation,” said Stephen Curry CEO of Gateway.

“The formation of Gateway First Bank will allow for a broad offering of consumer and commercial banking services, including mortgages originated through local loan production offices nationwide and full-service banking solutions at banking centers in Oklahoma,” he added.

The merger is expected to close during the first quarter of 2019 and is subject to customary closing conditions.

About Gateway Mortgage Group, LLC
Gateway is one of the largest privately held mortgage origination and servicing companies in the United States. Founded in 2000 and headquartered in Jenks, Oklahoma, the company employs more than 1,200 team members in over 160 offices nationwide and currently services $17 billion in residential mortgages. For more information about Gateway, visit Gateway Mortgage Group, LLC (NMLS 7233).

About Farmers Exchange Bank
Farmers Exchange Bank is a state-chartered community and commercial bank which was founded in 1935. The bank operates five banking centers in Western Oklahoma – Cherokee, Tonkawa, Helena, Wakita and Nash.


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