BancFirst in Oklahoma City is being led by someone outside the Rainbolt family for the first time since its creation.
The $7.2 billion-asset company said in a press release Thursday that David Harlow has succeeded David Rainbolt as its CEO and that Darryl Schmidt has become CEO of its bank, succeeding Dennis Brand.
Rainbolt, who was 61 when the company’s proxy statement was filed earlier this year, is now executive chairman of the holding company and the bank. He had been BancFirst’s CEO since 1992, when he succeeded his father, Gene, who ran the company from 1984 to 1991.
Harlow previously served as president of BancFirst Oklahoma City, while Schmidt had been chief credit officer and director of community banking. He joined BancFirst in 1999.
Brand, who was 69 when the proxy was filed, is now the chairman of BancFirst’s executive committee. He has been with the company since 2002.
"The company's succession plan has been in place for several years,” David Rainbolt said in the release. “I have come to the conclusion that now is the time to implement that plan. I am proud of what we have accomplished and confident of our future."
Gene Rainbolt, who is in his late 80s, is BancFirst’s chairman emeritus.