Tribal-owned First National Bank acquires The First State Bank
SHAWNEE, Okla. — First National Bank & Trust (FNB), owned by the Citizen Potawatomi Nation (CPN), has announced it has entered into a definitive agreement to acquire MidWest Community Financial Corp. (MCFC) and its wholly owned subsidiary, The First State Bank (FSB). The acquisition represents Oklahoma’s largest mergers and acquisitions transaction in banking since 2016.
“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.”
Bryan Cain, president and CEO of FNB, said the like-minded cultures and missions of the two locally owned institutions create an ideal alliance. “FNB specializes in consumer services, and FSB has a skillful team of commercial experts for every sized business,” Cain said. “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.”
FNB will add FSB’s Oklahoma City, Midwest City and Canute branches to its current roster of locations in Shawnee, Lawton, Holdenville, Mangum and Granite, along with its Loan Production Office (LPO) in Edmond, Oklahoma. The combined bank will have assets in excess of $700 million and rank as one of the largest independent community banks in central Oklahoma.
FSB employees, including Chairman & CEO David Durrett and President & CFO Chris Turner, will join the FNB family. “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.
“This partnership is a win-win for everyone, including shareholders, customers, employees and communities served by both organizations,” Turner said.
The acquisition is subject to regulatory and shareholder approval and is expected to close in the third quarter of 2021. D.A. Davidson & Co. served as financial adviser and McAfee & Taft as legal adviser to MCFC and FSB. Paul Foster Law Offices P.C. served as legal adviser to FNB.