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FOURTH FINANCIAL SET TO BECOME INTERSTATE FORCE, ANNOUNCES JOINT AGREEMENT WITH BANK OF OKLAHOMA TO ACQUIRE SOONER FEDERAL

 FOURTH FINANCIAL SET TO BECOME INTERSTATE FORCE, ANNOUNCES
 JOINT AGREEMENT WITH BANK OF OKLAHOMA TO ACQUIRE SOONER FEDERAL
 WICHITA, Kan., Aug. 10 /PRNewswire/ -- Fourth Financial Corp. (NASDAQ: FRTH), the largest bank holding company in Kansas and parent of BANK IV, has taken its first step toward becoming a regional interstate bank. The company announced today that it has reached an agreement with Bank of Oklahoma and First Gibraltar Bank, F.S.B., under which Fourth Financial and Bank of Oklahoma will acquire the deposits and branch facilities and equipment of Sooner Federal, a division of First Gibraltar Bank, F.S.B., in a cash transaction valued at approximately $31.4 million, of which Fourth Financial will pay $14.5 million.
 The terms of the agreement call for Fourth Financial to acquire nine Sooner Federal locations in the greater Tulsa market. Bank of Oklahoma will acquire a total of 19 Sooner Federal locations in Oklahoma City, Tulsa and five other markets. Fourth Financial will assume deposits of approximately $360 million as a result of the transaction, which is subject to approval by regulatory authorities. Plans call for the Sooner Federal operations to become part of a new entity, BANK IV Oklahoma, N.A., which will have headquarters in Tulsa.
 "When completed, the transaction will give Fourth Financial a strong position in the very attractive Tulsa market," said Fourth Financial Chairman and Chief Executive Officer Darrell G. Knudson. "We were attracted to this opportunity for several reasons. It fits nicely into our strategy of growing through acquisitions outside Kansas. In addition, Sooner Federal has a solid customer base and should make an immediate contribution to the performance of Fourth Financial. We are pleased our first expansion effort outside Kansas will be into our neighboring state to the south. Tulsa is one of the most vibrant areas in the Midwest region and we believe the opportunities to grow are excellent. As part of the Fourth Financial network, Sooner Federal customers will have access to a much broader range of financial services at one location. We feel confident we can compete effectively and look forward to introducing BANK IV to the citizens of the greater Tulsa area," Knudson added.
 Fourth Financial Corp. is a Wichita-based bank holding company with consolidated assets of $4.2 billion. It operates 69 offices in 29 Kansas communities through its subsidiary, BANK IV Kansas, N.A., which provides a full line of banking and financial services to consumer and business customers in the markets it serves.
 Sooner Federal locations to be acquired by Fourth Financial Corp.:
 Admiral 7878 E. Admiral Place
 Briarglen 12911 E. 31st St.
 Brookside 4847 S. Peoria
 Center 5001 E. 68th St.
 Downtown 20 E. 5th St.
 Farm 5101 S. Sheridan Road
 Oilwell 11311 E. 21st St.
 Springdale 1536 N. Lewis Ave.
 Yorktown 2027 E. 21st St.
 -0- 8/10/92
 /CONTACT: Brent Thompson, senior vice president of Fourth Financial, 316-261-4403; Jack Queeney or Michael Arneth, 312-266-7800, or Regina Ryan, 212-661-8030, all of FRB/
 (FRTH) CO: Fourth Financial Corp. ST: Kansas IN: FIN SU: TNM


SM -- NY048 -- 8509 08/10/92 12:11 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
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