Stitt To Remove Himself From Company, Trust
It appears to be a clean break for Governor-elect Kevin Stitt and his family from any ties to Stitt’s lending company Gateway Mortgage, according to transition team documents.
Stitt stepped down as CEO of his company last summer but remained on as chairman.
According to documents released to Oklahoma Watch, he will officially be removed from all of the company's "governing structure." News 9/News On 6 asked the incoming administration for those documents about the business separation but never received them.
Stitt and his wife Sarah will also be resigning as trustees of the Stitt Family Trust which owns Gateway. The family has already chosen a private broker to take over the trust. They've also hired a trust protector to help prevent any conflicts or violations. A full separation is expected by March pending approval from the state and federal government.
One other wrinkle is a proposed merger. While Stitt was running for office, Gateway agreed to merge with Farmers Exchange Bank out of Cherokee. That merger is still pending in front of the Oklahoma State Banking Department. Stitt has also been removed from that process as well.
The merger agreement is set to be heard in front of the state banking board Wednesday morning. Officials are hoping to have it finished soon but it will likely not be before Stitt is officially in office.
Stitt will be required to submit his finances to the state sometime before Feb. 14, where records will be able to get a better look at where Stitt stands with his business.