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2.6.2019 / Gateway Announcements

FDIC Approves Merger of Gateway Mortgage Group and Farmers Exchange Bank

JENKS, Okla., February 6, 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, Oklahoma.

Gateway First Bank will be the 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 its 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 broader 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 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.

About Gateway First Bank 

Gateway First Bank is a leading financial institution that provides banking and mortgage services for consumers and commercial customers. Headquartered in Jenks, Oklahoma, Gateway is a $1.9 billion asset sized bank with a strong mortgage operation.  Gateway is one of the largest banking and mortgage operations in the United States with six bank branches in Oklahoma, over 160 mortgage centers in 42 states, and almost 1,600 employees.  Learn more at Member FDIC, Equal Housing Lender (NMLS 7233)

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