BancFirst Corp. of Oklahoma City, one of the state's largest banking companies, said last week that it plans to buy $120 million-asset First Southwest Bank of Frederick, Okla., for an undisclosed amount of cash and stock.
As part of the deal, William H. Crawford, First Southwest's chief executive officer, is to join BancFirst's board of directors. BancFirst, which has $2.4 billion of assets, expects to close the deal in late August or early September, said Joe Shockley, executive vice president and chief financial officer.
First Southwest would remain separate for an "interim period" of six to nine months, after which it would be merged into BancFirst, Mr. Shockley said.
BancFirst reported first-quarter income of $6.16 million, an increase of 8.26% from the year earlier. It operates 78 branches, all in Oklahoma. First Southwest has three branches.