14 minute read
Commerce
By Jamie Richert Jones
As we enter the third calendar year of COVID-19, communities all across the country are reframing for a new economic landscape. Tulsa is no exception. “Everyone to some extent is a little bit nervous because they don’t know what’s going to happen with the virus. It’s a bit of a wild card right now,” said Eric Olson, Ph.D., director of finance and operations management and Chapman Associate Professor of Finance at the University of Tulsa. Even with the uncertainty caused by the pandemic, Tulsa’s economy, anchored by energy, banking and aerospace, has weathered the storm. “When it comes to our GDP, we are doing well,” said Ama Abrokwah, Ph.D., director of research at the Tulsa Regional Chamber, adding that Business Facilities Annual Rankings Report ranked the Tulsa Metro as No. 1 in GDP for mid-sized MSA’s in 2021. “The pandemic is the major thing that is slowing down growth in most communities, including ours. Manufacturing and the hospitality industries, in general, are sectors that have been heavily affected by the pandemic. There have been disruptions in supply chain, as well as in the labor market. These disruptions have caused significant labor shortages in the labor market. The frontline workers were most affected early on in the pandemic and are not returning to the same jobs and working conditions. They are now returning to jobs with higher wages, paid time off and additional benefits. Others have not returned back into the labor market due to lingering concerns about the virus, child care issues and the reluctance to give up the flexibility of working remotely.” Similar struggles have plagued the banking industry. “Banks are experiencing many of the same challenges other industries are facing including hiring and staffing challenges, COVID-related issues, inflation and supply chain issues,” said Scott Mabrey, chief executive officer of Mabrey Bank. “Banks have generally been flexible
Advertisement
CONTINUED ON P. 66
Leaders of First Oklahoma Bank know well that building a better bank is about building strong relationships. To that end, it is about treating people as they would like to be treated - with respect, fairness, and expediency - and helping them maneuver the financial complexities that often come with building a business or buying a home. “First Oklahoma Bank’s entrepreneurial spirit, consistency and quality-growth business model set it apart,” said Tom Bennett III, President of First Oklahoma Bank. “First Oklahoma is owned and operated by local people who live in the community. We understand our local economy and make our decisions locally. We can adapt to the needs of our customers and create better banking products and services without all the bureaucracy of big banks.” In addition to offering competitive CD rates and concierge-level services, the full-service bank is a leader in local deposits, Treasury services, and lending to small- and medium-sized businesses and professionals. When the COVID-19 crisis hit, First Oklahoma Bank was at the forefront helping small businesses and sole proprietors understand the federal government’s Paycheck Protection Program (PPP) as well as the government guaranteed loan programs of SBA and USDA. Over the last two years, the bank has processed more than $250 million in government guaranteed loans that have enabled small businesses to survive through the pandemic and move forward to a positive future. First Oklahoma’s interpersonal connections are evident through the many charitable causes it supports. The bank’s annual participation in the local United Way fundraising campaign has led it to being recognized as a “Best of the Best” company for 12 consecutive years. The bank also helped found Jenks CarePoint, which provides free clothing and shoes to families in need in the Jenks and south Tulsa area. More recently, First Oklahoma members have been supporting Afghan families who have been resettled in the Tulsa area. “The success of a banking company depends on the health of the markets and communities it serves, the strength of its ownership/ management/staff, and the ability to adapt to a dynamic environment,” said Bennett. “We are building something special that is making a positive difference in the lives of all those we serve.”
First Oklahoma Bank was established on Nov. 4, 2009, when First Oklahoma Holdings Inc. the bank’s parent company, acquired Glencoe State Bank. First Oklahoma had grown to over $940 million in assets by year-end 2021 and plans to top $1 billion by 2023. The bank has locations in Jenks, midtown Tulsa and Glencoe that are staffed by more than 130 bankers. First Oklahoma Bank invites Oklahomans to “Move up to Better Banking” by calling 918-392-2500 or visiting firstoklahomabank.com. Member F.D.I.C.
Chairman and Co-CEO Tom Bennett Jr. with President and Co-CEO Tom Bennett III.
CONTINUED FROM P. 64
and adopted new practices and ways of doing business in order to continue to serve our customers and communities.”
Inflation has been a topic of concern nationwide. “Typically, as inflation is higher than normal and interest rates rise significantly, economic growth is stifled, which presents a challenge for all industries,” Mabrey said. “Continued high inflation and increasing interest rates are a concern for banks and the entire economy.” However, local experts are optimistic about Tulsa’s economy and believe it is positioned for innovative growth. “Over the past 10 years, the Tulsa Metro has added nearly 70,000 new residents and crossed the 1-million-person threshold in 2020. The Chamber’s economic development team works hard to attract top talents and business from all over the United States into the region while providing the needed resources for existing companies and talents to thrive,” Abrokwah said. “Tulsa is a place to live, work and play. The region’s low cost of living, affordable housing and real estate prices are major draws for most people and companies relocating to Tulsa. Places like Gathering Place, the Tulsa Zoo, the museums, unique eateries and the nightlife also add attractiveness. It’s a good place to raise a family.”
CONTINUED ON P. 68
Downtown Tulsa CREDIT UNIONS IN TULSA COUNTY
CREDIT UNION NAME Dowell Federal Credit Union
Employees Federal Credit Union Encentus Federal Credit Union
TOTAL ASSETS1
41,980,375
47,496,004
29,705,758
Energy One Federal Credit Union
267,283,033 Fire Fighters Credit Union 43,569,292 First Oklahoma Federal Credit Union 32,413,625 First Tulsa Federal Credit Union 14,358,848 Fraternal Order Of Police Federal Credit Union 48,055,737 Green Country Federal Credit Union 109,105,711 Morning Star Federal Credit Union 930,406 OK Members First Federal Credit Union 24,206,551 Oklahoma Central Credit Union 704,007,766 Pearl District Federal Credit Union 13,818,951 Red Crown Credit Union 268,408,061 Saint Francis Employees Credit Union 52,939,492 Space Age Tulsa Federal Credit Union 16,980,540 TTCU Federal Credit Union 2,558,412,940 Tulsa Federal Credit Union 905,591,167 United Members Federal Credit Union 14,076,131 Western Sun Federal Credit Union 194,774,736
1 DOLLAR AMOUNT SOURCE: NATIONAL CREDIT UNION ADMINISTRATION, FINANCIAL PERFORMANCE REPORT. DATA AS OF NOVEMBER 9, 2021. DATA NOTES: FINANCIALS REPRESENT TOTAL ASSETS OF ALL LOCATIONS FOR EACH CREDIT UNION.
Central Bank in Oklahoma is now even stronger. In October 2021, Central Bancompany moved its 13 community bank charters into one. Central Bancompany is a $20 billion serving in more than 250 communities in Oklahoma, Missouri, Kansas and Illinois. Our products and services provide individual consumers and businesses with cutting edge technology. This single charter structure allows local bank management to continue to lead our service in the communities we serve, doing what is best for our customers here in Oklahoma. Currently we have eight locations in Oklahoma, including the communities of Tulsa, Sapulpa, Owasso, OKC and Edmond and more than 250 locations in 66 communities serving consumers and businesses in Oklahoma, Missouri, Kansas and Illinois.
Secure. In 2021 the prestigious business publication, Forbes Magazine, recognized Central Bancompany as the 4th Best Bank in America among the 100 largest banking companies. Central Bank is safe and secure because of our strong roots and commitment to prudent banking practices. We are committed to being a leading financial services provider in the communities we serve by continuing to provide customers with quality financial solutions and exceptional customer service.
Community. Integrally involved in our communities, you will find Central Bank employees out in the community serving students in the class room through several outreach programs, including Junior Achievement. Employees are also involved as members and leaders in local organizations, chamber of commerce, and local charities. Central Bank of Oklahoma is proud part of each of our communities.
Your Business. Our Resources. We understand your business challenges which is why we offer diverse lending options and deposit accounts to help you manage the day-to-day finances, as effortlessly as possible. Trust our experienced lenders to evaluate your needs and custom fit lending options. Local lenders. Local decisions. Discover deposit products and services to fit your company size, account balances, spending habits and technology preferences, we’ll assist you in finding the perfect fit for your business. Your Business. Your Rewards. Central Bank will help you automate your Accounts Payable and turn your payments process into a time saving, automatic process that adds incremental revenue to your bottom line; you earn cash when you pay your vendors electronically. Earn even more when you optimize your business travel expenses, purchasing, and fleet management with just one card.
Personal Banking. Banking YOUR Way. Take your personal checking to the next level with our outstanding package of technology products that will help you manage your money on your terms with our package of financial tools that allow you to access your accounts, transfer funds, create budgets, and make deposits virtually anywhere, at any time. Let Central Bank be your financial resource. Contact Central Bank at (918) 477-7400 for the financial tools and expertise you need to grow your business or handle your personal financial needs. More information is available on our website centralbank.net.
THE POWER OF LOCAL CONNECTIONS
At Bank of America, we have leading capabilities across all our businesses and a strategy that is focused on connecting our capabilities to deliver for our customers and clients. In every situation, we’re committed to growing responsibly and sustainably – ensuring everything we do aligns to our purpose of helping people live better financial lives.
• Families can have the tools and support they need to live more successful financial lives.
• Neighborhoods can be built on a solid foundation of responsible home lending and economic development.
• Businesses, small and large, can benefit from our financial and intellectual capital.
• And the organizations, nonprofits and companies addressing society's toughest problems can have the resources and expertise of the company and the efforts of our over 200,000 employees behind them.
In each market, we strive to connect everything our company offers to clients' personal and financial goals so we can tailor solutions to fit their needs. It's how we make this large company personal and how we help our customers, clients and communities thrive.
FIND A LOCATION For your everyday financial needs or more complex ones, our experienced specialists can help at locations around Tulsa.
TULSA IS YOUR HOME. IT’S OURS, TOO.
We are committed to helping our communities thrive - dedicating our resources to address the issues that matter most in each community.
LET’S BUILD SOMETHING TOGETHER
By partnering with nonprofits and other organizations, Bank of America stepped up to support Tulsa on every level, from racial justice to reskilling and fighting hunger. We’re a major contributor to Greenwood Rising that tells the important story of the original “Black Wall Street” and the 1921 Tulsa race massacre. And with the third-largest Native American population in the country, we’re contributing funds to initiatives in the community. Helping people find rewarding work is a key focus, especially in communities of color, and we support a range of programs, including a summer youth employment plan and a barista training initiative. We partner with nonprofits to feed over 500 families a week, support mental health initiatives and ensure schools and nonprofits get the PPE they need. Tulsa is an extraordinary philanthropic city, and being part of so many efforts to reach all of our diverse communities is truly rewarding. It’s gratifying to have tremendous teammates and community partners working together to make a positive impact on so many people’s lives.
Bill Lissau, President, Bank of America Tulsa
Visit www.bankofamerica.com/tulsa to learn more, find a location and make an appointment to talk with us.
CONTINUED FROM P. 66
Olson concurs. “What’s happened during the pandemic is that people have realized they can do a lot of stuff from home, work remotely, etc. Talking with midsized employers, we’re finding it’s a tool to attract talent,” he said.
With the ability to work remotely and low cost of living, Tulsa is an attractive market for those wanting to relocate. “Tulsa really has great longterm prospects,” Olson said. “This area reminds me so much of Nashville. It’s such a cool city. You have the cultural stuff, the arts, you have the old music scene kind of like Nashville, a really strong research university. The longterm prospects are really good. There’s a lot of people moving out of California and the highcost states. Here you have a mid-sized city with a million people and a low cost of living.”
COMMERCIAL BANKS IN TULSA COUNTY
BANK NAME DEPOSITS 1 BANK NAME DEPOSITS 1
American Bank and Trust Company 257,845 Gateway First Bank American Bank of Oklahoma 143,476 Grand Bank
American Heritage Bank 2
Arvest Bank 2
AVB Bank BancFirst 2
Bank 7 2 295,059 International Bank of Commerce (IBC) 2
2,458,703 JPMorgan Chase Bank, NA 2
402,179 Mabrey Bank 910,945 MapleMark Bank 2
98,205 MidFirst Bank 2
Bank of America 2
Bank of Commerce 2
Bank of the West 2 2,127,400 Oklahoma Capital Bank 8,338 Prosperity Bank 2
36,501 RCB Bank 2
Blue Sky Bank 2
BOKF, NA Central Bank of Oklahoma Commerce Bank 2
CrossFirst Bank 2
173,781 Regent Bank 13,752,857 Security Bank 531,095 Simmons Bank 2
265,020 SpiritBank 562,938 Stride Bank, National Association
415,002 405,077 321,631 1,175,494 981,737 133,311 1,152,534 114,528 1,150,970 440,965 457,069 706,874 220,745 408,572 47,080 Equity Bank 2 165,820 The City National Bank and Trust Company of Lawton, Oklahoma 2 31,904 Fidelity Bank, National Association 29,374 The Exchange Bank 2 38,463 First Bank of Owasso 516,896 The First National Bank and Trust Company of Broken Arrow 183,329 First Fidelity Bank, NA 2 51,061 Triad Bank, NA 199,177 First Oklahoma Bank 790,678 UMB Bank, NA 2 56,092 First Pryority Bank 2 131,558 Vast Bank, National Association 642,737 Firstar Bank, NA 2 164,250 Yorktown Bank 2 58,026
1 THOUSANDS OF DOLLARS. 2 BANKS HEADQUARTERED OUTSIDE TULSA COUNTY. DATA NOTES: FINANCIALS REPRESENT TOTAL AMOUNTS OF ALL LOCATIONS WITHIN TULSA COUNTY FOR EACH BANK. SOURCE: FEDERAL DEPOSIT INSURANCE CORPORATION, STATISTICS ON DEPOSITORY INSTITUTIONS. DATA AS OF JUNE 30, 2021.
Security Bank
For two decades, Security Bank has been helping Tulsa business owners reach their dreams. From local startups to successful companies, Security Bank works hard to deliver custom banking solutions for diverse business needs.
A locally owned and operated institution in itself, Security Bank is familiar with the challenges small business owners face on a daily basis. The new normal requires flexibility, quick decision making and responsiveness that has been the business model of Security Bank since it opened in 2000. They offer their personal attention, expertise and support to help customers adapt and thrive through good and difficult times.
Security Bank is dedicated to preserving the local community bank culture, where success is achieved through a genuine respect for others. “We treat people the way we want to be treated,” said Tom Gay, president and chief lending officer. “We’ve built loyal relationships with our customers over the years because of who we are by nature: honest, caring and genuine.”
This year marks Security Bank’s 22nd anniversary and their continued commitment to serve the Tulsa business community with their highest level of care. Centrally located at 51st Street and Highway 169, they invite you to come experience the difference at Security Bank.
Visit us online at sbtulsa.bank.
Member FDIC and Equal Housing Lender.
Dawne Stafford, CEO; Tom Gay, President; Eric Bohne, Chairman
Green Country Appraisal
Green Country Appraisal Service is celebrating 40 years of appraisal and consultation work for various banks, government entities, lawyers and individuals. Commercial properties appraised include retail, restaurants, offices, churches, industrial, multifamily, mixed-use, vacant land, cattle ranches and conservation easements throughout northeast Oklahoma.
Timothy M. Glass, MAI, SRA is the company president and a licensed appraiser in the state of Oklahoma. In 2000, he was the president of the Green Country of Oklahoma Chapter of the Appraisal Institute. Nationally, he has served on the Regional Ethics and Counseling Panel of the Appraisal Institute. The National Association of Realtors has awarded Glass with the Realtor Emeritus designation in recognition of valuable and lasting contribution to the real estate profession and the community.
The company’s secretary, Christine Peck, has been with the firm for 32 years and handles word processing, research of local market trends and report publishing.
Together, Green Country Appraisal’s team provides comprehensive appraisal reports for lenders, buyers, sellers and estate settlement.
1703 E. Skelly Drive, Suite 101 918-744-5744
Timothy M. Glass, President
