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Gateway Mortgage Group Acquiring Bank

A small bank in Oklahoma is being acquired by a mid-sized mortgage banker in the same state. After the deal is done, the lender will become a subsidiary of the financial institution.

An announcement Wednesday from the Stitt Family Trusts, the owners of Gateway Mortgage Group LLC, indicated that it has reached an agreement to acquire more than 85 percent of Farmers Exchange Bank.

Terms of the transaction were not disclosed.


Source: Mortgage Daily