The bank will continue to operate as Century Bank of Oklahoma until early next year when it will be renamed Yorktown Bank. A name change requires a vote of the new shareholders and board consent, Austin said.
The bank will have twice as much capital as its current level and a higher lending limit, he said.
Rick Willhour is the new bank's president and his son, Richard Willhour, is chief operating officer.
“We will quietly do our jobs and do it very, very well,” Austin said.
At the end of June, Century Bank of Oklahoma had total assets of nearly $80 million and total deposits of $73.0 million.
In metro Tulsa, Century Bank of Oklahoma had $40.8 million in deposits at the end of June, representing 0.19 percent of the deposit market share, according to the Federal Deposit Insurance Corp.