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FDIC approves merger between Gateway Mortgage Group, Farmers Exchange Bank

The Federal Deposit Insurance Corp. approved the pending merger between Gateway Mortgage Group LLC and Cherokee, Okla.-based Farmers Exchange Bank.

The deal is expected to close in the first quarter.

Upon closing, the combined entity will be called Gateway First Bank.

In August 2018, the Stitt Family Trusts, which collectively own 100% of Gateway Mortgage Group, agreed to acquire more than 85% of Farmers Exchange Bank.