BancFirst

BancFirst Corporation is a corporation which operates under the name BancFirst, a state chartered bank in Oklahoma, United States. It has 100 banking locations serving 53 communities throughout the state of Oklahoma,[3] and is the Third largest Oklahoma based FDIC insured financial institution ranked by deposits in Oklahoma [4] and also largest state chartered bank in Oklahoma.[5]

BancFirst Corporation
TypePublic
NASDAQ: BANF
Russell 2000 Component
IndustryFinancial Services
Founded1966
Headquarters
Oklahoma City, U.S.
Key people
Gene Rainbolt, David Rainbolt, Principal Shareholders
ProductsBanking
RevenueUS$237M (FY 2009)[1]
US$32.6M (FY 2009)[1]
Total assetsUS$4.42B (FY 2009)[2]
Total equityUS$431M (FY 2009)[2]
Number of employees
1500+
Websitewww.bancfirst.com

History

The roots of BancFirst date back to 1966 when lead investor and Chairman H.E. "Gene" Rainbolt purchased Federal National Bank in Shawnee, Oklahoma.[6] Federal National had $16 million in assets at the time of purchase.[7] Throughout the '70's Rainbolt acquired interests in many rural Oklahoma banks and formed Thunderbird Financial Corporation to assist each bank with management services.[8] In 1985, Rainbolt's banks in seven communities were brought under the ownership of United Community Corporation.[9]

On April 1, 1989, BancFirst was formed, and established their corporate headquarters in downtown Oklahoma City. The law changes which allowed multiple banks to merge in such a fashion were largely due to Gene Rainbolt's efforts to modernize Oklahoma's archaic banking laws.

In 1993, through an initial public offering, BancFirst began trading on the NASDAQ under stock symbol BANF. They have continued to grow through acquisitions. On January 24, 2014, BancFirst acquired the failed Bank of Union ("BOU") in El Reno, Oklahoma after the FDIC appointed them as receiver.

Currently

BancFirst continues to grow today through branch expansion and acquisition of community banks in select Oklahoma markets. Currently, BancFirst operates in 53 Oklahoma communities in 30 of Oklahoma's 77 counties, and with over 100 service locations.[3] The bank's ATM network provides over 300 ATMs across the state and includes all Oklahoma Walgreens stores, 7-Eleven and EZ GO locations.[10]

As of December 2016, BancFirst's assets totaled $7,018,952, in thousands, while deposits total $6,248,057, in thousands.[11] After 25 years as CEO, David Rainbolt became Executive Chairman of BancFirst Corp. in May 2017, David Harlow was promoted to CEO of BancFirst Corp. and Darryl Schmidt became CEO of the company's primary subsidiary.[12]

References
  1. BancFirst (BANF) annual SEC income statement filing via Wikinvest.
  2. BancFirst (BANF) annual SEC balance sheet filing via Wikinvest.
  3. http://www.bancfirst.bank
  4. https://www7.fdic.gov/sod/sodMarketRpt.asp?barItem=2
  5. https://www5.fdic.gov/sod/sodMarketBank.asp?barItem=2
  6. Hightower, M. J. (2015). Chapter One: The Early Years. In Loyal to Oklahoma The BancFirst Story (p. 8). Oklahoma City, OK: 2 Cities Press
  7. Hightower, M. J. (2015). Chapter Two: A Base in Shawnee. In Loyal to Oklahoma The BancFirst Story (p. 11). Oklahoma City, OK: 2 Cities Press.
  8. Hightower, M. J. (2015). Chapter Five: BancFirst Guthrie. In Loyal to Oklahoma The BancFirst Story (p. 50). Oklahoma City, OK: 2 Cities Press.
  9. Hightower, M. J. (2015). Chapter Nine: United Community Corporation. In Loyal to Oklahoma The BancFirst Story (p. 81). Oklahoma City, OK: 2 Cities Press.
  10. https://www.bancfirst.bank/locations
  11. BancFirst Corp. (2016). BancFirst Annual Report.
  12. http://newsok.com/article/5550539


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