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NBC Oklahoma agrees to sell Tulsa branch.

Byline: Journal Record Staff

TULSA (JR) NBC Oklahoma has an agreement to sell its Tulsa branch location to Sapulpa-based American Heritage Bank.

The sale will allow NBC to focus on expanding its presence in central and western Oklahoma, where NBC's main operations are located, said NBC CEO H.K. Hatcher. NBC Oklahoma is a $730 million, Oklahoma-owned state bank that started in 1931 in Altus with locations in Oklahoma City, Altus, Kingfisher and Enid.

American Heritage is expanding in the Tulsa market. American Heritage Bank began in Sapulpa in 1905 and has $1.1 billion in assets with 20 locations serving customers throughout northeastern Oklahoma.

"NBC's relationship with American Heritage goes back many years, and the family who leads it shares the same commitment to the community that NBC has," Hatcher said. "By doing this now, NBC will be positioned for growth and continue to meet customers' needs in our other markets."

The closing is expected to be completed in the first quarter of 2019. At that time, the Tulsa NBC location at 8120 S. Yale Ave. will become a branch of American Heritage Bank.

As part of the sale, American Heritage will purchase $20 million in branch loans and deposits at the Tulsa NBC location.

"This sale to American Heritage Bank will benefit our customers and NBC," Hatcher said. "Our Tulsa customers will have access to more banking locations in the Tulsa metro, and the sale will allow NBC to concentrate on those in our core markets. We are committed to serving NBC's business and retail customers in central and western Oklahoma now and in the future."

D.A Davidson & Co. served as financial adviser and McAfee & Taft as legal adviser to NBC in conjunction with the transaction.

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Publication:Journal Record (Oklahoma City, OK)
Geographic Code:1U7OK
Date:Dec 19, 2018
Words:297
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