Gateway Mortgage Group, a full-service mortgage company licensed in 40 states and the District of Columbia, recently received approval from the Federal Deposit Insurance Corporation (FDIC) to merge with Farmers Exchange Bank in Cherokee, Okla.
The new entity, Gateway First Bank, will be a diversified financial institution with a strong capital base, size and scale, the lender says in a release.
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,” says 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 adds.
The merger is expected to close during the first quarter of 2019.