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Oklahoma business briefs, June 11

Oklahoma business briefs for June 11, 2014
Oklahoman Published: June 11, 2014

In brief

NGL Energy makes $200M deal

NGL Energy Partners LP has entered into an agreement to acquire a Denver-based terminalling and transportation company for $200 million in cash. NGL Energy also will pay an additional amount for inventory that will change hands when the deal with affiliates of Morgan Stanley closes. The deal for Morgan Stanley’s general partner interest in TransMontaigne Partners LP is expected to close in the third quarter.

JPMOrgan sets OK banking chief

JPMorgan Chase & Co. has named Oklahoma native Zack Zuhdi as the head of its Private Banking business in Oklahoma. J.P. Morgan’s private wealth management serves wealthy clients. “With its rapidly expanding energy industry, Oklahoma offers tremendous growth prospects for our wealth management business,” said Elaine Agather, regional head of J.P Morgan Private Bank. “Zack is an excellent and energetic leader who has a great love for his home state and the people who live there.” Zuhdi graduated from Heritage Hall High School and the University of Miami. He obtained his MBA from Oklahoma City University. He started his career as a financial advisor in 2002. Zuhdi will have offices in Tulsa and Oklahoma City with management responsibilities across the state.

Citizens Bank holds ‘cash mob’

This week, 72 Citizens Bank of Edmond employees will be given $20 to spend at their discretion for services at Kennedy Tire & Auto, 530 W Edmond Road. It is the second time bank employees have spent a week spending money at a local business during the bank’s cash-infusion events. Bank President and CEO Jill Castilla said the local care car center’s longevity in the community and its success are worth extending the celebration. “Kennedy Tire & Auto has provided great service in Edmond for 40 years, and that level of dedication to excellence makes them the perfect choice for a super-sized cash mob,” Castilla said. “There's no better way to support a deserving local business than to throw a lot of money their way.” Citizens Bank of Edmond started its “Cash Mobs” in 2013 as a chance to show support for the community and its homegrown businesses.

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