The parent company of Bank SNB said Wednesday it plans to merge with an Edmond, Okla., bank company in a $41.7 million cash-and-stock deal.
Stillwater, Okla.-based Southwest Bancorp said in a news release that its planned merger with First Commercial Bancshares includes five First Commercial Bank branches in the Oklahoma City area, three in Denver and one in Colorado Springs.
Southwest Bancorp will be the succeeding company in the merger.
As of the first quarter of 2015, First Commercial had $305 million in assets, $215 million in loans and $254 million in deposits.
“It strengthens our footprint in Oklahoma City and Edmond,” Southwest CEO Mark Funke said in the release. “We are also excited about adding the state of Colorado to our banking franchise, an area where Southwest already has many banking relationships.”
Following the close of the merger, expected in the fourth quarter of 2015, First Commercial Bank branches will be rebranded Bank SNB, which operates branches in east and west Wichita.