OKLAHOMA CITY – The definition of a “community bank” apparently varies widely in Oklahoma.
The State Banking Board recently approved the merger of Peoplesbank of Tulsa “with and into” American Heritage Bank of Sapulpa.
Peoplesbank has two locations in Tulsa and assets of $98.6 million. American Heritage Bank – which describes itself as “an independently owned and operated community bank” – has 23 locations in 15 communities, employs approximately 300 people, and has assets of $1.2 billion, records indicate.
Also approved by the Banking Board was the merger of the Bank of Laverne, in Harper County, “with and into” Security State Bank of Cheyenne, in Roger Mills County.
The Bank of Laverne has assets of $60 million, while Security State Bank of Cheyenne has assets of nearly $167 million. The Laverne bank has extended $25.9 million in loans; the Cheyenne bank has four times as many: $109 million in net loans.
Security Bank’s main office is in Cheyenne, and it has a branch in Hammon.