Gateway Mortgage Group, a wholly-owned Jenks, Okla.-based subsidiary of the Stitt Family Trusts, has acquired Farmers Exchange Bank through purchasing more than 85 percent of the stock of the Cherokee, Okla.-based financial institution.
Upon the completion of the transaction, the Stitt Family Trusts plans to merge Gateway Mortgage Group into Farmers Exchange. This is the first acquisition for Gateway Mortgage Group, which is licensed in 41 states and the District of Columbia, while Farmers Exchange operates five branches in Oklahoma and holds $300 million in deposits.
“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,” said Stephen Curry, CEO at Gateway Mortgage Group. “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.”