NORMAN – Chuck Thompson, CEO of Republic Bank & Trust, Dr. Sinclair Armstrong Jr., Chairman of Ironhorse Financial Group, and Billy Taylor, CEO of Armstrong Bank, said their respective boards of directors have entered into a definitive agreement for Republic Bank & Trust to merge with Armstrong Bank, pending standard regulatory approvals. Both banks have been owned and operated as sister banks under common ownership since 1988 and under the same holding company, Ironhorse Financial Group, since 2006. The merger will combine both banks under a common charter with no change in ownership.
The transaction is expected to be complete in the first quarter of 2020. At that time, the banking systems will be converted to a common system, and both banks will merge under the Armstrong Bank name.
“As the landscape of banking changes, it is imperative that we continue making choices that allow us to offer outstanding and innovative banking services for our valued customers,” Thompson said. “By merging the organizations, we will be able to streamline our efforts, and therefore serve the communities we love more effectively with even better technology and enhanced products. Although this endeavor will take time, we are truly excited to work together to make this transition successful and seamless for everyone involved.”
With an asset size of $566 million at the end of June 2019, Republic Bank & Trust operates five locations in Norman, Noble, and Oklahoma City. The merger will take Armstrong Bank’s total asset size to more than $1.5 billion, and with the addition of Republic’s five locations, Armstrong’s footprint will spread over 26 locations throughout Northeast/Central Oklahoma and Northwest Arkansas.
“The opportunity to expand our footprint in Oklahoma through the merger of Republic Bank & Trust with Armstrong Bank is exciting, but the reason behind the decision to combine our efforts goes far beyond that,” Taylor said. “While Republic Bank & Trust came under the same majority ownership as Armstrong Bank in 1988, Armstrong Bank has been owned and operated by the Armstrong family for more than 110 years. With unwavering integrity and family-focused ideals, both banks work hard to support activities and programs that enrich the quality of life in our schools and neighborhoods, and we can promise that type of commitment to our communities will continue. Our customers can be assured that we will continue to offer the same exceptional customer service and access to innovative financial products that they know, expect, and deserve.”
Customers of both banks should conduct banking as usual at their locations of choice until the banks are officially merged and converted. All affected customers will receive notifications in advance regarding the newly enhanced opportunities for banking services. In the meantime, Republic Bank & Trust customers should contact their local Republic bankers with questions.