Key Developments For BancFirst Corporation
BancFirst Corporation (BANF.O) (Nasdaq)
BancFirst Corp. Announces Agreement t To Acquire First Jones Bancorporation
BancFirst Corp. announced that it has entered into an agreement to acquire First Jones Bancorporation, and its subsidiary bank, First State Bank, Jones Oklahoma. First State Bank has approximately $40 million in total assets, $11 million in loans, $35 million in deposits, and $4.6 million in equity capital. The acquisition will be accounted for as a purchase. The bank will operate as First State Bank until its systems are merged into the BancFirst system, which is expected to be during the second quarter of 2010. The transaction is scheduled to close by December 31, 2009, and is subject to regulatory approval.
BancFirst Corp. Announces Final Results Of Tender Offer; Increases Quarterly Dividend
BancFirst Corp. announced the final results of its modified 'Dutch Auction' tender offer, which expired on September 4, 2007. The Company has accepted for purchase 539,453 shares of its common stock at a price per share of $45.00, including all 'odd lots' properly tendered and not withdrawn. The tender offer was for up to 500,000 shares, with an option to purchase up to an additional 2% of the outstanding shares. At expiration, 539,453 shares were validly tendered and not withdrawn, and BancFirst exercised its option to purchase the additional shares. These shares represent approximately 3.4% of the Company's currently outstanding shares. Payment for the tendered shares is expected to be made promptly. Separately, the Company announced that its Board of Directors approved a $0.20 per share cash dividend on its common stock. The dividend is payable October 15, 2007 to shareholders of record on September 30, 2007. This is an increase of 11.1% over the quarterly dividend that was paid in each of the previous four quarters.
BancFirst Corp. Announces Dutch Auction Self-Tender Offer To Purchase Up To 500,000 Of Its Shares
BancFirst Corp. announced that it has authorized a Modified Dutch Auction self-tender offer for up to 500,000 shares of the Company's common stock, representing approximately 3.2% of its outstanding shares. The tender price range will be from $39.50 to $45.00 per share.
BancFirst Corp. Acquires First Bartlesville Bank
BancFirst Corp. announced that it has completed the previously announced merger of First Bartlesville Bank into BancFirst. On November 30, 2006, First Bartlesville Bank had approximately $44 million in assets, $38 million in deposits, and $5.5 million in equity capital.
BancFirst Corp. Announces Completion Of Sale Of Century Life Assurance Company
BancFirst Corp. and Pickard Limited Partnership, an affiliate of BancFirst Corp., announced that they have completed the sale of Century Life Assurance Company, with ownership 75% and 25%, respectively, to American Underwriters Life Insurance Company. American Underwriters acquired all of the outstanding common stock of Century Life Assurance Company when the sale was completed on November 30, 2006.
