Enid’s NBC Bank celebrates founding in 1931

August is a special month for NBC Bank because it represents a milestone for the historic Oklahoma institution.

NBC is celebrating its 75th anniversary, commemorating when W.B. “Walter” Gover founded the original NBC in Altus in 1931 after a visit to the city.

The bank also has branches in Enid, Kingfisher, Oklahoma City and Tulsa.

Gover raised funds to begin the bank primarily from Oklahoma City investors. The institution showed gains, even throughout the Great Depression, thanks to Gover’s efficient handling of the bank.

After Gover’s death in 1960, the bank’s board of directors elected Thomas G. Thaggard chairman and tapped Gover’s son, John P. Gover, to be bank president.

Current chairman Ken Fergeson, of Altus, purchased the NBC Kingfisher location in 1992. Branching out from the original Altus bank, Fergeson also purchased an existing bank in Oklahoma City and founded a new bank in Tulsa.

NBC began its presence in Enid in January 1989 when it purchased the failed Oakwood National Bank.

In December 1999, Enid NBC moved to a new building at Garriott and Hoover.

“We are proud of the role that we have played and continue to play in bringing the best in community banking to Oklahomans across the state,” said Enid NBC President Todd Earl. “The relationships that have been built and that continue to flourish are the basis for this milestone.”

Earl said branching was a way for the bank to diversify its risks but also allowed the bank to help communities.

“We operate all of our banks like our entire company is in that community,” he said.

Keeping close with communities and bank branching keeps NBC “receptive to the market,” which helps the Enid branch serve between 300 and 400 businesses and thousands of accounts, Earl said.

Fergeson and the board of directors expanded NBC to five other towns to keep from putting “all the eggs in one basket.”

“I bought the Altus bank at the decline of the oil industry, when banks were going under,” said Fergeson, who served three years as national chairman of American Banking Association. “We were isolated from that down here, which was good; but at the same time, we were in the middle of an agriculture crisis.

“We worked through problems with some ag loans, but I began thinking that in Altus we were one area, one economy and a lot of the economy hinged on the Air Force base,” he said. “So we decided to expand.”

Growth began with the purchase of the Enid bank and continued with the purchase of Kingfisher Savings and Loan and Capitol National Bank in Oklahoma City and the founding of a new bank in Tulsa.

Fergeson bought and later sold a fifth bank in Duncan.

The NBC banks operates under one holding company, NBC Corp. of Oklahoma, with two charters. One charter is in Tulsa for the banks in Altus, Enid, Kingfisher and Tulsa and the other in Oklahoma City for the Oklahoma City bank and a new branch bank.

The holding company owned 100 percent of the stock under both charters with Fergeson as chairman and CEO.

“The only way we could get a bank in Tulsa was to move our charter to Tulsa ... but practically speaking, Altus is headquarters for it all,” said Phil Carson, who semi-retired in 1998 as the Altus bank president and became chief administrative officer over presidents for each branch NBC owned at the time.

In 2000, the board of directors converted all the banks from national to state-chartered banks under the name, “NBanC,” but retained the original NBC logo.

Fergeson said fees paid to regulators of state banks are lower and lending limits are higher than national banks.

“Walter Gover bought and sold other banks, but he always stayed here. He was a real promoter of Altus, especially Altus Air Force Base,” said Fergeson. “On behalf of all the NBC folks, including its directors, what a great place to live and what great people to work with.”

In Enid, NBC has committed to many philanthropic endeavors, including a partnership with Vance Air Force Base.

Programs such as Honorary Commanders Program are designed to improve the exchange and support between the community and the base, Earl said.

The Enid branch also has participated in Greater Enid Chamber of Commerce events and youth activities.

Earl said the bank’s involvement in the community was a sign of the bank’s “willingness to be a part of the good work done in our community.”

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.