In Brief: BancFirst Inks Its 2d Okla. Deal in Six Days

Striking its second home-state deal in six days, BancFirst Corp., a $1.5 billion-asset bank in Oklahoma City, agreed Thursday to buy Amquest Financial Corp., Duncan, in a tax-free stock swap valued at more than $100 million.

The transaction, subject to shareholder and regulatory approval, is expected to close in September.

On May 1, BancFirst announced plans to buy $95 million-asset Lawton (Okla.) Security Bancshares.

BancFirst would issue 0.7917 shares of its common stock for each outstanding share of Amquest.

"This partnership is a natural next step for both institutions in preparing to serve the financial needs of Oklahomans in the next century," said David Rainbolt, chief executive officer of BancFirst.

BancFirst is Oklahoma's largest state-chartered bank, with 68 branches serving 36 communities. Amquest, with $568 million of assets and 10 offices, is the parent of Amquest Bank and Exchange National Bank and Trust Co.

After the merger, BancFirst would have $2.1 million of assets and equity capital of $178 million.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER