Gateway Mortgage Group announced it has completed its merger with Farmers Exchange Bank to form Gateway First Bank, an Oklahoma banking corporation.
“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.