Oklahoma bank widening reach with acquisition

N.B.C. Bancshares in Pawhuska has agreed to buy a fellow Oklahoma bank, Bank of Cushing.

The combined company would have more than $300 million in assets, both banks announced in a press release on Tuesday. Current Bank of Cushing President John Bryant and Brenda Magdeburg, executive vice president, will continue in leadership roles once the deal closes.

The $209 million-asset N.B.C., which is the holding company of Blue Sky Bank, has four branches, including two in Tulsa, Okla. Bank of Cushing has assets of $102 million and two branches.

N.B.C. is “actively pursuing opportunities to continue our growth trajectory, and the Bank of Cushing acquisition is a key step in our long-term goal,” Gentner Drummond, majority owner of N.B.C., said in a press release. “Individually, our banks have been serving Oklahomans for more than 115 years. Together, we strengthen our resources to serve the next generation of Oklahomans.”

The deal is expected to close in the fourth quarter. Financial terms were not disclosed.

Sandler O’Neill served as financial adviser to N.B.C. and D.A. Davidson was financial adviser to Bank of Cushing.

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