Tulsa World: Banking on growth: Bennett family starting a new institution

MAKE US YOUR HOMEPAGE | Wednesday, February 10, 2010 | WIRELESS

Home > Business

Newspaper View Print this story

Comment

RSS

Bookmark

Banking on growth: Bennett family starting a new institution

Tom Bennett Jr. (top) and Tom Bennett III get together at 41st Street and Rockford Avenue where they plan to build their bank. MICHAEL WYKE/Tulsa World

By LAURIE WINSLOW World Staff Writer
Published: 8/1/2009 2:22 AM
Last Modified: 8/1/2009 3:53 AM

A well-known banking family is helping bring a new financial institution to Tulsa.

Tom Bennett Jr., his wife and two sons are joining with 170 other families who are investing $16 million to create First Oklahoma Bank.

Plans call for the bank to begin business in October from a temporary facility at 41st Street and Rockford Avenue. Construction will start a month earlier on a 10,500-square-foot permanent building at that location, with completion scheduled for next summer.

In addition, First Oklahoma will have its administrative headquarters in CityPlex Towers at 81st Street and Lewis Avenue.

Bennett, whose resume includes serving as president of Stillwater National Bank in Tulsa and helping create Oklahoma National Bank and Trust Co., is working with many of the latter bank's investors. Oklahoma National was started in January 2000 and later renamed ONB Bank.

The latest venture comes after a brief hiatus for Tom and Sue , Bennett, who retired from ONB in March 2008 and spent time traveling and enjoying their grandchildren.

"I recommend to people who have retired to take a good time off. Rest. Have a period of time where the morning comes to you and you don't have to worry about your to-do list," Tom Bennett said. "I'm excited about coming back. Sue and I got to travel and do a lot of things we've always wanted to do. We're rested, energized and ready to go."

Bennett will serve as First Oklahoma's chairman and co-CEO, while Sue Bennett's role as senior vice president and director of marketing and investor relations will be similar to the one she had with ONB.

The idea for starting another bank came from their son, Tom Bennett III, who will be president and co-CEO. Another son, Jim Bennett, will serve as vice president.

First Oklahoma Holdings Inc., the bank's holding company, was created last year with the purpose of opening a bank in Tulsa either through a de novo bank or the acquisition of an existing institution.

The holding company decided to acquire Glencoe State Bank. The deal should be completed by the end of September.

Under that agreement, the Glencoe bank's name will be changed to First Oklahoma Bank and its headquarters will be relocated to the CityPlex. That facility will house the bank's executive and lending offices, and will be a full-service bank site as well. First Oklahoma will keep the Glencoe facilityas a full-service branch.

"I imagine in 10 years we'll probably have four to six full-service offices in the Tulsa metro, and then I wouldn't be surprised if we continue to grow outside the Tulsa metro" said Tom Bennett III.

Tulsa's midtown market is attractive, his father said, noting that the future branch — across from Whole Foods in Brookside — is near grocery stores, restaurants and shops.

Starting a new bank during a recession doesn't seem to faze the Bennetts. As Tom Bennett III noted, risk occurs in good times, too. And just because there is a weak economy doesn't mean people suddenly don't need to borrow money.

"Financial crisis creates opportunity," he said. "The fact of the matter is a lot of the banking system has gone through hard times. They get incredibly inflexible and all of a sudden that creates opportunity for a new group out there that isn't burdened with a lot of problems from the past."

His father agrees, noting that Tulsa continues to have a relatively stable economy. They commissioned a feasibility study that shows Tulsa's financial market continues to grow as businesses expand and people come to the area.

"Hopefully what we can do with this First Oklahoma Bank is to take all the lessons we've learned from the past and do a whole lot more of what worked and a whole lot less of what didn't," the elder Bennett said.

First Oklahoma Bank

First Oklahoma Holdings Inc., founded in 2008, plans to acquire Glencoe State Bank by the end of September.

Glencoe State Bank, created in 1923, had $10.4 million in assets, $4.2 million in loans and $8.8 million in deposits on June 30.

Approximately 170 Oklahoma families are investing $16 million to start First Oklahoma Holdings Inc.

First Oklahoma will employ 26 people in Tulsa and six in Glencoe.

Laurie Winslow 581-8466
laurie.winslow@tulsaworld.com By LAURIE WINSLOW World Staff Writer

Newspaper View Print this story

Comment

RSS

Bookmark

Reader Comments

Show: Most Recent Comment First

Add your comment

1 comments have been made on this story so far. Tell us what you think below!

Reporting Comments

If you see a comment that violates our terms and conditions, please help us by clicking the "Report this Comment" link next to a comment. That will alert the web staff to review the comment. Thank you. -- Web Editor Jason Collington

Report Comment

oldnorthroad, (8/1/2009 4:04:02 PM)

Tom Bennett was a guest in a class I took at OU-Tulsa last year. It mentioned his traveling in the article. The man was in Germany one day vacationing with his wife and Tulsa the next to uphold his promise of an appearance to my professor.

In fact, he came 3 weekends in a row. I could tell he was the type who was still trying to learn from us, even though he had accomplished so much already.

With the outlook he has on life, his success will never surprise me personally. He used to mention his son occasionally, always with a smile. Nice to see they are doing well.

Add Your Comment
In order to post a comment on this article, you must sign in to Tulsaworld.com. If you do not have a site account, you can create an account for free.