A de novo bank, to be called Watermark Bank, is being organized in Oklahoma City, American Banker reported May 17.
The de novo bank's organizers include executives connected to the former Southwest Bancorp Inc., the banking company that Simmons First National Corp. acquired in October 2017, according to the report.
The group has already filed an application with the Federal Deposit Insurance Corp. and has met with the Oklahoma Banking Department, American Banker wrote. The group is also planning to raise $20 million in initial capital and is targeting a late 2018 or early 2019 opening, the report added. The de novo bank, whose technology platform will cater to business owners, will also offer a form of concierge services, according to the report.
The de novo bank's management team will include Matthew Pollock as president and CEO, Gary McClanahan as CFO, and Scott Mueller as nonexecutive chairman.
Pollock most recently worked at Stillwater, Okla.-based Bank SNB as regional president for Oklahoma, Kansas and Colorado. Bank SNB was a unit of Southwest Bancorp but became a unit of Simmon First National post-acquisition. McClanahan previously worked as a director of risk management at First National Bank of Oklahoma, and as a finance officer at Bank SNB, the publication added. Mueller is CFO of Oklahoma City-based oil and gas production companies American Energy Partners LP and Arcadia Resources LP.
The group hired Fenimore Kay Harrison & Ford as legal adviser, the report added.