SHAWNEE, Okla. (KFOR) – First National Bank & Trust, owned by the Citizen Potawatomi Nation, entered into a definitive agreement to acquire Midwest Community Financial Corp. and its wholly owned subsidiary, The First State Bank.
“The joining of these two historic banking institutions demonstrates that we live in a land of opportunity,” said Tribal Chairman John “Rocky” Barrett. “One bank was born in a tiny farming community in western Oklahoma, and the other began in a doublewide trailer on a gravel parking lot. Both share a common trait accounting for their very uncommon success: dedication to providing the best customer service. Opportunity is the doorway to success for a bank and its customers, no matter how small the beginnings.”
First National Bank & Trust is the largest tribally-owned national bank, and their acquisition of First State Bank is Oklahoma’s largest banking merger and acquisition since 2016, according to a First National Bank & Trust news release.
“FNB specializes in consumer services, and FSB has a skillful team of commercial experts for every sized business,” said Bryan Cain, president and CEO of FNB. “These combined talents will mean greater one-stop financial resources for all Oklahoma communities that we serve. We look forward to expanding FNB’s footprint westward and throughout the metro area.”
First State Bank has locations in Oklahoma City, Midwest City and Canute. Those locations will become part of First National Bank & Trust’s existing roster of locations, which includes Shawnee, Lawton, Holdenville, Mangum and Granite, along with its Loan Production Office in Edmond, according to the news release.
“The combined bank will have assets in excess of $700 million and rank as one of the largest independent community banks in central Oklahoma,” the news release states.
First State Bank employees, including Chairman & CEO David Durrett and President & CFO Chris
Turner, will become a part of First National Bank & Trust.
“We have gotten to know the FNB leadership team, and they share a strikingly similar philosophy on banking and serving customers, which will help with a seamless transition,” Durrett said.
The acquisition is subject to regulatory and shareholder approval. It’s expected to close in the third quarter of 2021.