OKLAHOMA CITY, Aug. 1 /PRNewswire-FirstCall/ -- BancFirst Corporation(Nasdaq: BANF) today announced that its Board of Directors has authorized aModified Dutch Auction self-tender offer for up to 500,000 shares of theCompany's common stock, representing approximately 3.2% of its outstandingshares. The tender price range will be from $39.50 to $45.00 per share.BancFirst shares closed trading at $40.59 on Wednesday, 3:00pm (CDT). The tender offer will be subject to various terms and conditionsdescribed in offering materials expected to be distributed to shareholdersthis week. The Company indicated it would use cash on hand to purchase theshares. Under the terms of the Modified Dutch Auction offer, shareholders willbe given the opportunity to specify prices within the Company's statedprice range at which they are willing to tender their shares. Upon receiptof the tenders, the Company will determine a final price that enables it topurchase up to the stated amount of shares from those shareholders whoagreed to sell at or below the Company-selected purchase price. All sharespurchased will be at that determined price. If more than 500,000 shares aretendered at or below the purchase price, there will be a proration. The offering materials will be available when the offer is commencedfrom the Information Agent, MacKenzie Partners, Inc. The Dealer-Manager ofthe tender offer is Friedman, Billings, Ramsey & Co., Inc. David E. Rainbolt, CEO of BancFirst Corporation said, "We believe thisshare repurchase will add value for those ongoing shareholders whileallowing others, especially those with large blocks, an opportunity to sellwithout incurring fees. In light of alternative rates of return on capitalinvestments, this makes good sense." BancFirst, the Company's subsidiary bank, is Oklahoma's largeststate-chartered bank with $3.6 billion in total assets and 86 bankinglocations serving 44 communities across Oklahoma. The announcement contained in the press release is not arecommendation, an offer to purchase or a solicitation of an offer to sellshares of the Company's stock. The Company has not commenced the tenderoffer described in the announcement. Upon commencement of the tender offer,the Company will file with the Securities and Exchange Commission a tenderoffer statement on Schedule TO and related exhibits, including the Offer toPurchase, Letter of Transmittal, and other related documents. Shareholdersshould carefully read the offer to purchase, the tender offer statement onSchedule TO and related exhibits when such documents are filed and becomeavailable, as they will contain important information about the tenderoffer. Shareholders can obtain these documents when they are filed. Thesedocuments will be available free of charge on the Securities and ExchangeCommission's website at http://www.sec.gov, or from our Information Agent,MacKenzie Partners Inc., by writing to 105 Madison Avenue, New York, NewYork 10016 or proxy@mackenziepartners.com, or by calling toll free (800)322-2885. The Company may make forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934 with respect to earnings, credit quality, corporateobjectives, interest rates and other financial and business matters.Forward-looking statements include estimates and give management's currentexpectations or forecasts of future events. The Company cautions readersthat these forward-looking statements are subject to numerous assumptions,risks and uncertainties, including economic conditions, the performance offinancial markets and interest rates; legislative and regulatory actionsand reforms; competition; as well as other factors, all of which changeover time. Actual results may differ materially from forward-lookingstatements.