Toby Keith, Barry Switzer Working to Establish Bank

[okiemom]

Toby Keith, Barry Switzer Working to Establish Bank

Toby Keith and former University of Oklahoma football coach Barry Switzer are among a group of business leaders working to establish a new bank in Oklahoma City, The Oklahoman newspaper reports. Keith and Switzer, who also previously coached the Dallas Cowboys, are among those seeking investors to provide the $10 million needed to capitalize the bank. Joey Root, a veteran banker who is working on the project, said the bank would cater to commercial clients and wealthy, private customers. If the bank is chartered, it is expected to open next summer in northwest Oklahoma City.

Source: http://www.cmt.com

[okiemom]

Switzer, Keith team up for bank

By Don Mecoy
The Oklahoman

A group that includes Barry Switzer and Toby Keith is seeking other investors to establish a bank in Oklahoma City, the head of the proposed bank said Thursday.

Joey Root, who resigned last month as president of Stillwater National Bank & Trust Co., will be chief executive and president of the bank.

The organizing group, led by the former head football coach of the University of Oklahoma Sooners and Dallas Cowboys and the popular country singer, is seeking investors to help capitalize the bank to about $10 million, Root said. Because of the lengthy regulatory process for obtaining a state charter for a new bank, the target date for opening is set for June or July, Root said.

"If an opportunity comes along to purchase a bank, we would consider that, as well. That's something that enables you to open a little more quickly," Root said. "But in the meantime, we're not slowing down the process."

The bank probably would be in northwest Oklahoma City, Root said. A name for the bank has not been selected.

"We're trying to make a decision on whether to buy a site and build a facility; possibly lease a space early on," Root said. "We're going to do our best to keep those types of costs down in the beginning until we can build the type of assets in banking that make you money, which are loan assets."

Root, 41, who worked at Stillwater National Bank for 13 years, said he has known Switzer for several years. Switzer introduced him to Keith and to the other member of the bank's organizing group, Switzer's son-in-law, Hunter Miller.

Switzer, in a statement, expressed optimism about the endeavor.

"I've had many great banking relationships, but my best relationship has been with Joey," Switzer said in the statement. "I believe in Joey, and I think this new venture is going to be great."

Last year, Valliance Bank obtained a charter to open in northwest Oklahoma City. The bank was the first new one in Oklahoma City in nearly a decade. Valliance, in The Tower on Northwest Expressway, also was capitalized with $10 million.

Root said his bank would aim to specialize in "mature commercial clients" and wealthy, private banking customers.

"What we really want to do is focus on the types of clients who value relationships and who manage their affairs with personal relationships that they have," he said. "We should be able to provide great service and do things a little bit more aggressively than some of the larger banks in town."

Oklahoma City is one of the most competitive banking markets in the nation, according to a recent study by the Federal Deposit Insurance Corp. Among metropolitan areas, Oklahoma City ranks sixth in an index showing the lowest concentration of banking deposits, meaning deposits are spread widely over a large number of banks and branches in the city.

"There's a lot of very good banks here, and it is competitive," Root said. "However, I do believe that the right type of bank, a bank that is one that is based on managing itself through relationships, I think there's a place for it here.

"I feel very confident that we can be successful building a bank in Oklahoma City. This town is growing, and I'm really excited about the future here."