Bristow-based SpiritBank will sell seven Oklahoma branches to Claremore-based RCB Bank, the companies announced today.
The sale includes SpiritBank’s Branches in Cushing, Drumright, Edmond, Oilton, Oklahoma City, Stillwater and Stroud. The sale includes about $250 million in deposits and $75 million in loans — about 12 percent of SpiritBank’s assets.
With the acquisition, RCB will have 40 locations and $2.36 billion in assets – making it the sixth largest Oklahoma-owned bank. Terms of the planned deal were not immediately disclosed.
The sale is expected to be finalized within 90 days, pending regulatory approval.
“The branches we’re acquiring from Spirit fit nicely in our footprint — we are a hometown, community bank and we’re happy to take on that role in these communities,” RCB Bank President Roger Mosier said in a statement.
The sale will allow SpiritBank to focus more on its eastern Oklahoma presence and the roll-out of a new virtual “e-branch,” that will target mobile banking, including the ability for customers to make remote deposits, SpiritBank CEO Albert C. “Kell” Kelly, Jr. said in a statement.
“This is a great opportunity for SpiritBank to move forward with some new initiatives we’ve been planning, including the roll-out of more electronic banking services for our customers,” Kelly said.