Newspaper article THE JOURNAL RECORD

Branching Out: Claremore-Based RCB Extends Reach with SpiritBank Acquistions

Newspaper article THE JOURNAL RECORD

Branching Out: Claremore-Based RCB Extends Reach with SpiritBank Acquistions

Article excerpt

RCB Bank will acquire seven central Oklahoma branches from SpiritBank for an undisclosed price, officials said Wednesday.

Pending regulatory approval, the transaction would extend the rise of Claremore-based RCB, the state's sixth-largest Oklahoma- owned bank at $2.1 billion in assets, and the consolidation of Tulsa- based SpiritBank, which will refocus on its seven remaining branches in Tulsa, Sapulpa and Bristow.

But SpiritBank may have reached a bottoming-out stage with this deal. According to Federal Deposit Insurance Corp. reports, the Tulsa bank finished 2013 with a $131,000 net operating income, reversing the prior year's $25.9 million loss. For the fourth quarter of 2013, SpiritBank posted $733,000 in net operating income, up from a $6.6 million prior-year loss.

Wednesday's deal would include the transfer of $250 million in deposits and $75 million in loans, accounting for 12 percent of SpiritBank's assets, officials said. It would give RCB new branches in Cushing, Drumright, Edmond, Oilton, Oklahoma City, Stillwater and Stroud.

Officials expect to complete the transfer within 90 days.

RCB President and Chief Executive Roger Mosier said the seven branches it acquired fit in well with RCB's 33 existing locations in Oklahoma and Kansas, allowing the lender to extend full-service community-style banking ranging from free consumer checking to small- business cash management and remote deposit capture services.

Four of these branches open new markets for RCB, said Vice President and Marketing Director Ashley D. Wood. No consolidations are planned for the other three, although Wood noted that SpiritBank's Edmond branch at 3823 Boulevard St. branch sits just a few blocks from RCB's existing bank.

The branches could add 60 to 70 employees to RCB's 590-worker staff, depending on how many SpiritBank workers decide to keep their jobs, Wood said. …

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