First Oklahoma Bank: Company Profile

Background

Overview

First Oklahoma Bank, headquartered in Jenks, Oklahoma, was established in 1923 as Glencoe State Bank. Over the decades, it has evolved into a prominent community bank, emphasizing personalized financial solutions and local decision-making. The bank operates three branches within Oklahoma, serving a diverse clientele with a focus on small to medium-sized businesses.

Mission and Vision

First Oklahoma Bank is committed to fostering financial success for its clients by offering tailored banking services. The bank's mission centers on serving customers, investors, and the community with integrity, aiming to help individuals and businesses achieve their financial goals.

Key Strategic Focus

Core Objectives

The bank's primary objectives include:

Providing comprehensive financial products and services to meet the diverse needs of its clients.

Supporting local businesses through specialized lending programs, particularly Small Business Administration (SBA) loans.

Maintaining a strong community presence by engaging in local initiatives and fostering relationships with area businesses.

Areas of Specialization

First Oklahoma Bank specializes in:

SBA Lending: Ranked as the 11th largest SBA lender in Oklahoma, the bank funded $5.1 million across eight loans in fiscal year 2023, with an average loan size of $640,225.

Commercial Loans: Offering customized financing solutions for commercial real estate acquisitions, construction projects, and equipment purchases.

Business Lines of Credit: Providing flexible credit options to help businesses manage cash flow and seize growth opportunities.

Primary Markets

The bank primarily serves small to medium-sized businesses across various sectors, including retail, healthcare, construction, and professional services, within Oklahoma.

Financials and Funding

Funding History

As of September 2024, First Oklahoma Bank had raised a total of $3.2 million over four funding rounds, with the latest round occurring on May 31, 2024.

Financial Performance

As of September 30, 2024, the bank reported:

Total Assets: $1.12 billion

Total Deposits: $970.21 million

Net Loans and Leases: $935.87 million

Equity Capital: $102.35 million

Net Income: $1.97 million

Technological Platform and Innovation

Technological Infrastructure

First Oklahoma Bank utilizes a range of technologies to enhance its banking services, including:

Web Analytics: Zipkin

Content Delivery Network: Cloudflare CDN

Programming Languages: Scala

Web Servers: Nginx

Leadership Team

Executive Profiles

Thomas Bennett: Serving as the Chief Executive Officer, Bennett brings extensive experience in banking and financial services, guiding the bank's strategic direction and growth initiatives.

Ryan Kirk: Appointed as Executive Vice President of Commercial Banking in September 2024, Kirk focuses on expanding the bank's commercial lending portfolio.

Leslie Emery: Joined as Treasury Sales Officer in August 2024, enhancing the bank's treasury management services.

Angela Hurley: Hired as a Loan Processor in March 2024, contributing to the efficiency of the bank's loan processing operations.

Shane Courtney: Appointed as Senior Vice President of Digital Banking Services in December 2023, leading the bank's digital transformation efforts.

Competitor Profile

Market Insights and Dynamics

The Oklahoma banking sector is characterized by a mix of large financial institutions and community banks, each vying for market share through diverse product offerings and customer service strategies.

Key Competitors

BancFirst Corporation: A state-chartered bank with over 100 locations across Oklahoma, offering a comprehensive range of banking services.

MidFirst Bank: The largest privately owned bank in the U.S., with assets totaling $39.1 billion as of Q4 2024, operating in multiple states including Oklahoma.

BOK Financial Corporation: A financial services holding company headquartered in Tulsa, Oklahoma, with assets of $49.8 billion as of December 31, 2023, offering a full complement of retail and commercial banking products.

Strategic Collaborations and Partnerships

First Oklahoma Bank actively engages in community reinvestment and SBA lending, reflecting its commitment to supporting local businesses and economic development.

Operational Insights

Competitive Advantages

The bank's emphasis on local decision-making and personalized service allows it to offer tailored solutions that larger institutions may not provide. Its strong community ties and understanding of the local market dynamics further enhance its competitive position.