MidFirst Bank in Oklahoma City said Thursday that it has agreed to purchase Steele Street Bank & Trust in Denver.
The acquisition would give the $9.5 billion-asset MidFirst its first branches in Colorado. The $525 million-asset Steele Street operates three branches and one trust office in metropolitan Denver. It would be the first buyout for MidFirst since it acquired two failed banks in Arizona five years ago.
"Our acquisition of Steele Street Bank & Trust allows us to enter one of the most dynamic markets in the country, and one that is deeply rooted within our company's ownership," Jeff Records, MidFirst's chairman and chief executive, said in a press release.
The financial terms of the deal were not announced. It is expected to close in the first quarter of next year.
MidFirst said that Steele Street's CEO, Bob Malone, would stay on as Denver market chairman after the deal closes, focusing on board and client relationships. Steele Street's current directors would serve as market advisors, the company said.
MidFirst has more than 75 branches throughout Oklahoma and Arizona. The bank also operates commercial lending offices in Atlanta, Dallas, Houston, New York and Southern California.