Oklahoma-based Gateway First Bank, a financial institution providing integrated banking and mortgage solutions, recently announced it has entered into an agreement to purchase Texas-based Colonial Savings, a financial institution, for an undisclosed amount.
The purchase is part of Gateway’s growth strategy and brings together two companies that provide financial guidance and services to help customers achieve homeownership.
“Both organizations share a belief that financial services should be built around relationships, trust, and local decision-making,” Jim DuBose, Colonial Savings president and CEO, said. “This partnership creates exciting opportunities for our customers, employees, and communities while preserving the values that have been central to Colonial’s success.”
The purchase strengthens Gateway’s presence in Texas and expands its ability to serve customers with a comprehensive suite of financial services. Services include business banking, consumer lending, mortgage lending, payment solutions, personal banking, treasury management, and wealth management.
The transaction is expected to close in the first quarter, subject to regulatory approvals and the satisfaction of other customary closing conditions.
Gateway operates more than 60 locations in Oklahoma and employs approximately 600 people. It has more than $2 billion in assets, making it one of the largest financial institutions in the state.
Colonial Savings operates six locations in the greater Fort Worth market.