BancFirst to enter Texas with Pegasus Bank acquisition
BancFirst in Oklahoma City is crossing the border into Texas.
The $7.6 billion-asset company said in a press release Wednesday that it will buy the $639 million-asset Pegasus Bank in Dallas. The $122 million deal is expected to close in August.
Pegasus has three branches in Dallas and a loan production office in Plano, Texas. The bank has $367.4 million in loans and $595.3 million in deposits.
BancFirst, Oklahoma's biggest state-chartered bank, has 105 branches.
Pegasus will operate under a separate Texas charter and remain an independent unit of BancFirst governed by its existing board.
BancFirst said in a regulatory filing that it will provide "an appropriate amount of capital" to allow Pegasus to approve larger loans and grow its assets.
D.A. Davidson advised BancFirst.