Gateway First Bank Acquired Farmers Exchange Bank to Form Full-Service Bank

Gateway First Bank acquired Farmers Exchange Bank prior to August 2019, transforming from a mortgage company into a full-service chartered bank with $1.2 billion in assets and five banking centers across Oklahoma. The deal made Gateway one of the state's largest banks by assets while maintaining a major mortgage origination operation. Under CEO Stephen Curry, appointed in August 2018, the bank announced a core system migration to FIS in January 2019, targeting a July 2019 go-live.

Gateway also planned to onboard a new loan origination technology partner during summer 2019 as part of its broader digital transformation. The charter acquisition positioned Gateway to offer a full range of banking products, effectively combining its mortgage fintech heritage with traditional banking capabilities. This deal illustrates how non-bank financial companies have pursued bank charters and acquisitions to expand their product offerings and gain direct access to deposit funding and regulatory infrastructure.