Yorktown Financial closes purchase of Century Bank
BY LAURIE WINSLOW World Staff Writer
Thursday, November 15, 2012
11/15/12 at 3:37 AM
Yorktown Financial Holdings Inc. completed its acquisition Wednesday of Pryor-based CNBO Bancorp Inc., the holding company of Century Bank of Oklahoma.
Terms of the transaction were not disclosed.
"I'm running on fumes. It's very, very satisfying," said Steve Austin, the bank's new CEO. "I have to do a shout-out to the State Banking Department and the Federal Reserve Bank of Kansas City. They have been very nice to work with."
The new bank has 129 shareholders who raised nearly $14.5 million in capital.
With the acquisition, Yorktown Financial has four locations - two in Pryor and two in the Tulsa area.
Century Bank of Oklahoma initially expanded into the Tulsa market in November 2008, operating out of a temporary site until it moved a year later to a permanent location at 5705 E. 71st St. Then, last year, it opened a second Tulsa branch at 2201 E. 21st St., which had previously been leased by Bank of the West.
The bank will continue to operate as Century Bank of Oklahoma until early next year when it will be renamed Yorktown Bank. A name change requires a vote of the new shareholders and board consent, Austin said.
The bank will have twice as much capital as its current level and a higher lending limit, he said.
Rick Willhour is the new bank's president and his son, Richard Willhour, is chief operating officer.
"We will quietly do our jobs and do it very, very well," Austin said.
At the end of June, Century Bank of Oklahoma had total assets of nearly $80 million and total deposits of $73.0 million.
In metro Tulsa, Century Bank of Oklahoma had $40.8 million in deposits at the end of June, representing 0.19 percent of the deposit market share, according to the Federal Deposit Insurance Corp.
Original Print Headline: Yorktown closes buy of Century Bank
Laurie Winslow 918-581-8466