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 www.GatewayLoan.com. 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.

The Conservative View: When Donkeys Fly

This week's Conservative View, by Adair County Commissioner Russell Turner (R-Stilwell).

The Conservative View
by Russell Turner

When Donkeys Fly

Anyone who owns an automobile learns pretty quickly about the insurance industry and the need to have insurance on his car.  In most, if not all, states require drivers to have liability coverage. If a person finances his car, the lending institution requires that the owner must have full coverage to insure that the loan will be paid off in the event of an accident.  If a driver owns his car, it is his business to decide if he want to purchase full coverage or not.  The prudent driver knows that life is a gamble and he has to decide if he is willing to take the chance of not having full coverage.  Protecting our savings is also a gamble, before 2008 individual accounts in banks were insured up to $100,000.00.  Most individual bank accounts — including checking, savings, trusts, certificates of deposit (CDs), etc. — are covered by the Federal Deposit Insurance Corporation.  If a husband and wife had a joint savings account, for example, they were typically protected up to $200,000.  If a sole account owner had the same $200,000 ... he would have been wise to open two $100,000 accounts at two separate banks to get full coverage.  Thousands of people using Indymac Bank, a California institution that went under in July 2008, did NOT understand these things.

There is currently legislation now working its way through Washington with a little-known provision that will retroactively insure about 8,700 depositors at Indymac Bank and five other institutions that went belly up before lawmakers increased FDIC coverage.  Our government has made a habit of bailing out businesses and firms that didn’t use good financial sense, and now they want to bail out people who didn’t take time to protect their own money.  While this is a small bailout, the cost will be anywhere from $180 million to $200 million.

If the same mentality could be applied to the auto insurance industry, we could buy a car and drive it without insurance and save the premiums that we would pay and use the money for something else.  If we did have the misfortune to become involved in an accident, then we could go to the local insurance agent and buy full coverage and get our car repaired.  We all know that would only happen when donkeys would learn to fly.  If our government continues to ignore the rules they create why even pretend to have rules at all, when they're so easily bent and exceptions are so easily made?

If you wish to contact Russell Turner, or want to subscribe to his email loop, email him at rdrepublican@windstream.net.