VAST BANK, N.A. ANNOUNCES DIVESTITURE OF SIX REGIONAL BRANCH LOCATIONS
In a move to strategically align its operations with evolving customer preferences and technology, Vast Bank, N.A. (“Vast Bank”) has entered into definitive agreements with Armstrong Bank and Oklahoma State Bank under which Vast Bank will divest six of its branch locations.
Armstrong Bank, headquartered in Muskogee, Oklahoma, will acquire certain assets and deposits associated with the Catoosa, Collinsville, Oologah, and Owasso branch locations of Vast Bank. Oklahoma State Bank, headquartered in Vinita, Oklahoma, will acquire certain assets and deposits associated with the Langley and Ketchum branch locations of Vast Bank.
“We are very pleased to expand our footprint in Oklahoma,” said CEO of Armstrong Bank, Billy Taylor. “As a family-owned community bank established in 1909, we are honored to bring our unwavering integrity, exceptional customer service, and access to innovative financial products to the communities of Owasso, Collinsville, Catoosa, and Oolagah.”
“The Langley and Ketchum locations will strengthen our commitment to provide a strong loan and deposit base to the South Grand Lake O’ the Cherokees market,” said Heath Hartley, CEO of Oklahoma State Bank. “Additionally, we are delighted to welcome the Vast employees to the OSB family, as they continue providing exceptional products and customer service to the community they serve.”
The closing of the respective transactions is expected to occur in September 2020, subject to the parties’ receipt of required regulatory approvals and the satisfaction of customary closing conditions. The customers of these branches will receive additional information regarding the transaction in the near future. All other Vast Bank locations will remain unchanged and under the same ownership of the Biolchini family.
“Vast Bank has been forging a new path over the last several years to provide the best service possible to our customers in a rapidly changing world where consumer preferences and technology are both evolving quickly,” said Vast Bank President and CEO Brad Scrivner. “We have made the promise to understand customers deeply, build authentic relationships and embrace constant improvement. Our commitment remains to be a market-leading bank that leverages top-notch customer service with the best of modern technology.”
Vast Bank remains committed to the innovative people who make this community such a vibrant place to live and work. They plan to continue offering experiences that are relevant, convenient, comprehensive and secure in order
to make banking surprisingly easy. Vast Bank will host the postponed grand opening of its new downtown Tulsa headquarters in fall 2020.