BancFirst Corp. of Oklahoma City said it would offer to buy back up to one million shares at a set price within a range of $34 to $38 per share.

BancFirst, with $2.3 billion of assets and 74 branches, said Monday that it would buy back shares because its stock is "undervalued."

Shareholders are to submit bids indicating the price at which they would sell. After reviewing the bids, the company said, it will set a price at which it will buy back the shares offered at or below that price.

Shares of BancFirst were trading at $36 at midday Tuesday.

CIBC World Markets and Howe Barnes Investments Inc. are managing the offer, which expires June 1.

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