BancFirst to buy Oklahoma bank dealing with regulatory issues

BancFirst in Oklahoma City has agreed to buy First National Bank and Trust in Vinita, Okla.

The $9.2 billion-asset BancFirst said in a press release Friday that it will gain two branches, $209 million of loans and $235 million of deposits as part of its purchase-and-assumption agreement with the Ratcliff family.

BancFirst did not disclose the price it will pay. The deal is expected to close in the second quarter.

The Ratcliff family has owned First National since the 1980s.

First National has been operating under a prompt corrective action directive from the Office of the Comptroller of the Currency since Jan. 15. The enforcement action required the bank to hire a forensic auditor and provide the OCC with “prompt and unrestricted access” to documents and records, among other things.

Mark Poole, First National’s chief lending officer, will continue to run the bank.