Bank SNB Completes Acquisition of First Commercial Bank
STILLWATER, Okla., October 12, 2015 (GLOBE NEWSWIRE) – Bank SNB, an Oklahoma state banking corporation and wholly-owned subsidiary of Southwest Bancorp, Inc. (Nasdaq:OKSB) (“Southwest”), announced today that it has completed its previously announced acquisition by merger of the third-largest Edmond, Oklahoma-based bank, First Commercial Bank. As result of the merger, Bank SNB now has five additional Oklahoma City metro banking centers as part of its network and four banking centers in the Colorado market – three in Denver and one in Colorado Springs. All of the banking centers will operate immediately under the name Bank SNB. After announcing the agreement in May 2015, the merger was consummated after obtaining regulatory and shareholder approvals within Bank SNB’s expected timeframe.
The acquisition of First Commercial Bank increases Bank SNB’s total assets by $300 million to $2.3 billion. The acquisition enhances Bank SNB’s presence in the Oklahoma City and Edmond markets, resulting in a top-10 deposit market share ranking for Bank SNB in the Oklahoma City MSA. Bank SNB now has nine banking centers throughout the Oklahoma City MSA and a total of 33 throughout the bank’s four-state footprint. Furthermore, the addition of four Colorado banking centers provides a strategic entry point into Colorado with the opportunity to grow and expand the market.
James (“Jim”) Canton, previously the President and CEO of First Commercial, was named Edmond Market President for Bank SNB. “We are very pleased to have joined our organization with Bank SNB,” Canton said. “We are excited about the expanded products and services that this partnership brings to our customers and the communities we serve.” “Much thought and effort has gone into forming this partnership, and we believe it is an excellent opportunity for our bank and all of our combined customers,” said Mark W. Funke, President and CEO of Bank SNB and Southwest. “We welcome Jim Canton and the rest of his team as we now collectively look forward to providing enhanced services in our markets including advanced treasury management services and products and services tailored to the healthcare industry. Together we welcome First Commercial’s customers, and we look forward to providing the expert service that our customers deserve and the resources they need. This expansion enables us to give more customers the resources to help them be successful and offers more convenience to our customers in Oklahoma and Colorado.”