BancFirst plans to acquire American Bank of Oklahoma

May 23, 2025 12:00 PM

In this week's banking news roundup: BancFirst is making plans to acquire American Bank of Oklahoma; JPMorganChase rolls out a platform to advise clients on international dynamics; Greg Cunningham takes on a new title, expanded duties at U.S. Bancorp; and more.

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BancFirst scoops up another Oklahoma bank

BancFirst Corp. plans to acquire American Bank of Oklahoma, a privately held community bank based in Collinsville, Oklahoma, BancFirst said in a press release.

The deal, which is subject to regulatory approval, is expected to close in the third quarter, according to the release. American Bank of Oklahoma will operate under its current name until it is merged into BancFirst, which is scheduled to take place during the fourth quarter.

BancFirst did not disclose the terms of the sale.

American Bank of Oklahoma has about $385 million of assets and operates six branches, all in Oklahoma. BancFirst, the third-largest deposit-holder in Oklahoma, has acquired dozens of banks in the state since the early 1990s, most recently First National Bank and Trust in 2021.

BancFirst had $14 billion of assets as of March 31. The holding company also operates Pegasus Bank and Worthington Bank, both chartered in Texas. —Allissa Kline

Bloomberg

JPMorganChase launches center for geopolitics

JPMorganChase has rolled out a platform to advise clients on international dynamics, the bank said Wednesday.

The center for geopolitics will offer insights for how businesses can respond to trends like the rise of artificial intelligence, supply chain changes and shifting U.S.-foreign relations.

Jamie Dimon, chairman and CEO of the megabank, has warned that the current global environment is "the most perilous and complicated" since World War II.

"In today's world, business leaders must navigate rising global competition coupled with unprecedented interconnectedness, disruptive technological forces, persistent economic uncertainty and proliferating geopolitical crises," Dimon said in a prepared statement Wednesday.

JPMorgan tapped Derek Chollet — who has held roles in the U.S. State Department, the Department of Defense and the White House — to lead the initiative. The center will also feature industry veterans like former U.S. Secretary of State Condoleezza Rice, former United Kingdom Prime Minister Tony Blair and former House Speaker Paul Ryan. —Catherine Leffert

US Bancorp’s Greg Cunningham gets new title, expanded duties

Greg Cunningham, who was promoted to chief diversity officer at U.S. Bancorp in 2020, has a new title as he takes on an expanded role at the Minneapolis-based company.

Cunningham, 61, is now the chief community impact and inclusion officer. His title changed in April when Reba Dominski announced her plans to retire later this year as chief corporate responsibility officer and president of the U.S. Bank Foundation.

Cunningham is taking on much of Dominski's duties, including the company's financial health efforts, community affairs, Community Reinvestment Team and the foundation, according to an internal note that Dominski wrote to community groups.

Cunningham, who previously worked at Target, joined U.S. Bancorp in 2015 as vice president of community engagement. He is one of 17 members of the executive management team, which will shrink to 16 members following Dominski's retirement, a company spokesperson said.

U.S. Bancorp has not announced a retirement date for Dominski. —Allissa Kline

ES Bancshares gets pandemic tax credit

ES Bancshares, the holding company for Empire State Bank, received $268,000 of its Employee Retention Tax Credit.

This was the first installment of the credit and will be reported in ES Bancshares' second-quarter earnings, the Staten Island, New York-based bank said in a press release Tuesday.

The bank filed a $1.2 million claim in 2023 to the Internal Revenue Service for the credit, which was aimed at businesses that paid employee wages during the COVID-19 pandemic. The company had to file amended tax returns for 2020 and 2021 to claim the credit.

ES Bancshares expects to receive multiple payments from the federal government this year and into 2026. —Mary de Wet

Santander unveils first Openbank branch in the US

Santander Bank, the retail arm of Spain's Banco Santander, opened its first Openbank branch in the U.S. this week, marking another step toward its aspiration of transforming itself into "a digital bank with branches," according to a press release.

The Openbank office is located at the new Miami Worldcenter, a retail and entertainment hub. Santander debuted Openbank in the U.S. last fall by offering a high-yield savings account that pays a premium interest rate. To date, Openbank has more than $4 billion of deposits and it plans to start offering checking accounts and certificates of deposit by the end of the year, new Santander U.S. CEO Christiana Riley has said.

Its purpose is to attract low-cost deposits to help fund Santander's sizable auto loan portfolio. The opening comes as Santander prepares to close 18 U.S. retail branches, all in the Northeast. —Allissa Kline

Goldman Sachs’ New Zealand head Andrew Barclay to leave

Goldman Sachs Group's head for New Zealand, Andrew Barclay, will leave the firm after more than 25 years. Nathan Bond, who joined the firm last year, will continue in his role as head of corporate advisory in New Zealand, according to a memo sent to staff on Tuesday. A spokesperson for Goldman Sachs confirmed the contents of the memo and declined to comment.

"Under Nathan's leadership, we are well-positioned to build on the opportunity in New Zealand by delivering excellence to our clients and supporting our team of talented people," Nick Sims and Zac Fletcher, the joint heads of investment banking for Australia and New Zealand, wrote in the memo. Barclay and Bond "will work together in the coming months to ensure a seamless transition."

Barclay joined Goldman Sachs in 1999 and was named managing director in 2006. Bond had worked in investment banking in New York and Auckland for two decades before Goldman Sachs. —Adam Haigh, Bloomberg News

Virginia bank’s CFO to retire

Atlantic Union Bankshares announced Thursday that Chief Financial Officer Robert Gorman plans to retire within the next year, just weeks after closing its acquisition of Sandy Spring Bancorp.

Gorman will stay on at the Richmond, Virginia-based bank until March 31, 2026, unless a successor is named before then. Following the appointment of a new CFO, Gorman will move into an advisory role at the company to assist with the transition. Atlantic Union said it has initiated a nationwide search for a replacement.

"Together, we have achieved significant milestones, navigated numerous challenges and built a strong foundation for the future," Gorman said in a prepared statement. "I believe that Atlantic Union is well-positioned to continue to generate sustainable, profitable growth and to build long-term value for our shareholders."

Atlantic Union has acquired a handful of banks, expanded across several states and grown its assets by ten times, to nearly $40 billion, since Gorman joined in 2012. —Catherine Leffert