Blue Sky Bank acquires Cushing institution
N.B.C. Bancshares in Pawhuska, Inc., the parent company of Blue Sky Bank (jointly referred to as “Blue Sky Bank”), has announced the closing of its acquisition of the Bank of Cushing.
Blue Sky Bank will have approximately $325 million in consolidated assets in Payne, Pawnee, Osage and Tulsa counties, where its five branches are located.
Located in Cushing, the Bank of Cushing was founded in 1897 and has just over $100 million in assets.
Gentner Drummond, Hominy resident and majority owner of Blue Sky Bank, said, “The acquisition of Cushing provides us with a strong core deposit base and deep roots in a profoundly important community, from which we will continue to support the citizens of Cushing and neighboring communities.”
Drummond added: “John Bryant, Cushing’s chairman, president and CEO, has brilliantly led the Bank since 1978, and he embodies the long-term commitment and relationships the bank has cultivated both within the community and with its customers. The cultures of our two organizations are complimentary, and we share a common commitment to our local stakeholders — communities, customers and employees — all of whom are integral to the growth and strength of our combined efforts.”
Bryant said, “We are excited to work with the Blue Sky Bank team. Their local ownership, stable growth, broad range of products and unequivocal commitment to the local customer separated them from our many interested acquirers. The bank and Gentner Drummond will be Cushing’s new community partners and have made this transition seamless. With the strength of the Blue Sky Bank organization and its local decision-makers, we feel our customers, community and employees will all benefit.”
Blue Sky Bank chief executive, Evans Rector, said, “Our mission is to provide service that consistently exceeds our customers’ expectations at all levels in all areas at all times. We pledge to continue this level of service to Cushing’s current and future customers.”
Brenda Magdeburg is remaining an integral leader of the Bank of Cushing as its president. Sandler O’Neill + Partners, L.P. served as financial adviser for Blue Sky Bank, and Gene Katz of D.A. Davidson & Co served as financial adviser for Bank of Cushing. Terms of the transaction were not disclosed.