BANCFIRST CORPORATION ANNOUNCES BRANCH PURCHASE IN STROUD, OK

Rhea-AI Summary

BancFirst Corporation (NASDAQ: BANF) has announced a purchase and assumption agreement for RCB Bank's Stroud, Oklahoma branch. The transaction involves acquiring approximately $13.6 million in total assets, which include $2.2 million in loans and $13.0 million in deposits as of March 31, 2023. Following the acquisition, the Stroud branch will merge into BancFirst's existing Stroud branch. The deal is expected to finalize in the third quarter of 2023, pending regulatory approval. RCB Bank's CEO praised BancFirst for its support and customer service in the Stroud community.

Positive

• Acquisition of Stroud branch strengthens BancFirst's local presence.
• Total assets acquired are approximately $13.6 million, enhancing the bank's asset base.
• Expected completion of the transaction in Q3 2023 signals ongoing growth strategy.

Negative

• None.

OKLAHOMA CITY, April 19, 2023 /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) today announced that its subsidiary bank, BancFirst, has entered into a purchase and assumption agreement with RCB Bank of Claremore, Oklahoma to purchase certain assets and assume the deposits and certain other obligations of its Stroud, Oklahoma branch. As of March 31, 2023, the branch had approximately $13.6 million of total assets, including $2.2 million of loans, and $13.0 million of deposits. After the purchase, the branch will be absorbed into the Stroud branch of BancFirst. The transaction is expected to be completed during the third quarter of 2023 and is subject to regulatory approval.

RCB Bank CEO Roger Mosier stated, "BancFirst has been a solid supporter in the Stroud community since 1992 and is known for their excellent customer service. I am positive our customers will be satisfied with the move."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 106 banking locations serving 59 communities across Oklahoma, Pegasus Bank, with 3 banking locations in the Dallas Metroplex area and Worthington Bank with 4 locations in the Dallas-Fort Worth Metroplex area. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/bancfirst-corporation-announces-branch-purchase-in-stroud-ok-301802309.html

SOURCE BancFirst

FAQ

What is the recent acquisition by BancFirst Corporation?

BancFirst Corporation announced a purchase and assumption agreement to acquire RCB Bank's Stroud branch, involving approximately $13.6 million in total assets.

How much in assets is BancFirst acquiring from RCB Bank?

BancFirst is acquiring approximately $13.6 million in total assets from RCB Bank's Stroud branch.

When is the BancFirst acquisition of the Stroud branch expected to be completed?

The acquisition is expected to be completed in the third quarter of 2023, pending regulatory approval.

What impact does the acquisition have on BancFirst's operations?

The acquisition will enhance BancFirst's asset base and strengthen its presence in the Stroud community.