The bank has raised $40 million to fund the acquisition and support future growth
Full-service mortgage lender Gateway Mortgage Group has announced the completion of its merger with Farmers Exchange Bank to create Gateway First Bank, one of the five biggest mortgage banks in the US.
According to the mortgage company, Gateway First Bank has $1.2 billion in assets, more than 1,200 employees, five banking centers in Northwest Oklahoma, and 160 mortgage centers operating in 40 states and Washington, D.C.
Gateway First Bank said it completed an initial closing of a private placement offering to fund the acquisitions and raise around $40 million in equity capital.
“This acquisition and resulting transformation is a very important achievement for Gateway,” said Gateway Chief Executive Officer Stephen Curry. “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.”