SpiritBank Sells Seven Branches to RCB Bank
Transaction represents emerging bank business models
TULSA, Oklahoma – Tulsa-based SpiritBank announced today it is selling seven of its branches to RCB Bank, allowing SpiritBank to focus more on its eastern Oklahoma presence and the roll-out of a new virtual “e-branch.”
The sale to Claremore-based RCB Bank, pending regulatory approval, is expected to be finalized within 90 days. The SpiritBank branch locations being sold are Cushing, Drumright, Edmond, Oilton, Oklahoma City, Stillwater and Stroud. The transaction between the two Oklahoma-owned banks includes approximately $250 million in deposits.
Albert C. “Kell” Kelly, Jr., SpiritBank CEO, said the bank will continue to have a strong presence in eastern Oklahoma, with seven locations in Tulsa, Sapulpa and Bristow that will account for approximately $750 million, or about 78 percent of the bank’s assets.
“We are excited to expand in the state,” said Roger Mosier, RCB Bank President and CEO. “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.”
“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,” added Kelly.
One example of that new technology is SpiritBank’s planned April launch of a virtual “e-branch”, which will give customers the ability to utilize a mobile banking app and a wide-range of services such as remote deposit capture.
Kelly said this branch transaction represents two distinct business models that are trending in banks today. RCB Bank has a successful business model of serving customers through a network of branches combined with today’s technology. SpiritBank will focus on niche markets with a branch network utilizing electronic deliveries.
With the addition, RCB Bank’s network of branches will expand to 40 locations across Oklahoma and extending into Kansas.
“Some of these cities are new to us,” said Mosier. “But we go in with the same approach as in other markets. Our promise to our customers has always been to furnish the public with people and facilities who are friendly in service and progressive in spirit. Our community driven approach and Oklahoma history is something we share with SpiritBank, so this transaction is a natural fit.”
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SpiritBank was chartered in Bristow in 1916 as American National Bank. The name (not ownership) was changed in 1996 to SpiritBank to reflect our expansive nature as we acquired other banks. The bank is a strong partner with each of our communities in developing economies, providing credit for business growth and jobs, providing mortgages, funding municipalities, and serving in leadership roles to benefit our communities. SpiritBank has seven locations serving customers across Oklahoma. For more information, visit us at www.spiritbank.com.
About RCB Bank
RCB Bank is a $2.1 billion Oklahoma-owned and operated community bank with 33 locations across Oklahoma and into Kansas and over 550 employees. Founded in 1936, RCB is committed to serving its communities with conservative banking practices and progressive banking products like its newest features for smartphones - mobile deposit and text banking – which allows approved users to deposit checks using their iPhone, iPad or Android device, or receive alerts via SMS text to help prevent fraud. For additional information, visit us online at www.RCBbank.com or like us on Facebook.