FALSE CLAIM: Kevin Stitt converted his company into a state-chartered bank, implying he did this while he was governor and as a result made billions.
FACT: Gateway has been an Oklahoma-chartered company for more than 20 years. The bank that Gateway acquired was a state-charter bank at the time of the merger, which all began before Kevin Stitt was Governor. There was never a “conversion.”
Gateway Bank has an agreement in place that while Kevin Stitt is the Governor of Oklahoma, the FDIC takes the lead on all examinations.
In early 2019, the Attorney General of Oklahoma approved Governor Stitt’s separation agreement, which Stitt initiated and exceeded requirements under State law, to ensure there would be no conflict of interest while he is in public office.
The separation agreement was made public and can be read by clicking here.
The Oklahoma Banking Department does not report directly into the executive branch. It is run by a governing board. The Governor receives one appointment to the board every year, which is required by law (6 O.S. Section 202(c)) to be selected from a list of 12 individuals submitted by the Executive Committee of Oklahoma Bankers Association. That appointment then must be confirmed by the State Senate. To day, three of the seven board members have been selected through this process during Governor Stitt’s administration. The other four were selected by the previous Governor.