BancFirst Corporation (BANF) Buys Local Bank in Oklahoma
BancFirst Corporation signed an agreement to purchase First Jones Bancorporation and its banking subsidiary, First State Bank, Jones of Oklahoma. Expecting the deal to close on the last day of 2009, BancFirst Corporation did not disclose the purchase price. First Jones Bancorporation has $40 million in assets and loans of $11 million, and operates one branch in Jones, Oklahoma. The sale of First Jones Bancorporation was not a distressed sale, as the bank has a Tier 1 risk-based capital ratio of 25% and net interest income of $1.283 million in 2008. The purchase appears to be an attempt to gain…