Monday, May 06, 2019

Gateway Mortgage completes merger to form Gateway First Bank

Governor Stitt's company, held in separation for the duration of his term as Governor, has transitioned from a full-service mortgage company to an Oklahoma banking corporation.


Gateway Mortgage Group Completes Merger to Form Gateway First Bank
Merger results in one of the largest mortgage banks in the nation

Jenks, Okla., May 6, 2019 – 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 innovative enhancements to the customer experience and new products, while maintaining the superior service, award-winning 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.

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).

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