First Oklahoma Bank set to build Jenks location
BY LAURIE WINSLOW World Staff Writer
Sunday, December 09, 2012
12/10/12 at 12:27 PM
Correction: This story originally contained an incorrect spelling for Kinslow, Keith and Todd architects. It has been corrected.
JENKS - First Oklahoma Bank will build a six-story, 60,000-square-foot headquarters at the Village on Main to accommodate its long-term growth plans.
Groundbreaking will be Dec. 20, with completion set for June 30, 2014. The project includes a new five-story parking garage adjacent to the building that will serve the Jenks community.
Plans have been in the making for a long time, bank executives said. When First Oklahoma Bank opened its new midtown Tulsa site at 41st Street and Rockford Avenue in 2010, it quickly became apparent that another spot might be needed to accommodate long-term growth.
In three years, First Oklahoma Bank has grown from less than $10 million to more than $200 million in assets.
It also has grown from 26 employees to about 70, including 53 in the bank and another 17 in its wholly owned subsidiary, Capital Mortgage Co.
The bank's long-term plans call for growth to $500 million in assets with 120 employees by the end of 2019.
As the bank continues to grow, officials needed a location where it could grow for the next 10 to 20 years, said Tom Bennett III, the bank's president and co-CEO.
The Jenks location is a fantastic piece of land that can be seen from Riverside Drive and the Creek Turnpike, said his father, Tom Bennett Jr., who is chairman and co-CEO.
"It's right in the middle of a dynamically growing part of Tulsa County," he said. "There are just really exciting things happening, and we wanted to be right in the middle of all the excitement."
The bank plans to occupy half of the building, including half of the first floor, all of the second floor, part of the third floor and all of the sixth floor, while leasing out the remaining 30,000 square feet. The six-story structure also will feature a three-story tower on top, creating the appearance of a nine-story building.
Both men noted that the building project is the result of a great team effort among the bank, The Village on Main Development and the City of Jenks. The Jenks City Council, Jenks Public Schools and the other taxing jurisdictions created the TIF (tax increment financing) district, which made the essential infrastructure for the bank and the Village on Main - a multi-million dollar, mixed-use development near the Arkansas River - possible.
First Oklahoma Holdings Inc., the bank's parent company, was formed in 2008 with the purpose of opening a bank in Tulsa either by creating a newly chartered bank or acquiring an existing bank.
The company established First Oklahoma Bank on Nov. 4, 2009, through the acquisition of Glencoe State Bank.
Today, First Oklahoma has three sites: one in Glencoe and two in Tulsa, including the midtown site and its current headquarters in the CityPlex Towers at 81st Street and Lewis Avenue. It also has a mortgage operation in Oklahoma City.
Bank executives said they are not sure whether they will continue to use the CityPlex site once the Jenks location is completed.
The bank has no plans right now for any additional branches, the Bennetts said.
"The use of technology and willingness to have our employees consistently out in the community makes having a bunch of branches not nearly as necessary for success," Tom Bennett III said.
His father noted, too, that the bank offers commercial depositors a courier service that daily picks up deposits.
Architects for the building project are Kinslow, Keith and Todd. The general contractor will be Adolfson & Peterson. Duane Phillips of the Village on Main LLC will manage the project.
The leasing agent for the building will be Jeff Hilst of Watermark Properties.
First Oklahoma Bank
Established: First Oklahoma Holdings, the bank's parent company, was formed in 2008. It established First Oklahoma Bank in November 2009 through the acquisition of Glencoe State Bank.
Assets: More than $200 million
Deposits: About $180 million
Locations: One in Glencoe and two in Tulsa, including the current headquarters in the CityPlex Towers at 81st Street and Lewis Avenue and a branch at 41st Street and Rockford Avenue. A new headquarters will be built at the Village on Main in Jenks.
Original Print Headline: First Oklahoma Bank to build Jenks site
Laurie Winslow 918-581-8466
First Oklahoma Bank is set to break ground Dec. 20 for its six-story headquarters at the Village on Main in Jenks. Courtesy