BANCFIRST CORPORATION (NASDAQ:BANF) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
BancFirst Corporation Enters Into Agreement To Acquire Pegasus Bank.
On April 23, 2019 BancFirst Corporation entered into an agreement to acquire Pegasus Bank (“Pegasus”), for an aggregate cash purchase price of $122.0 million. Pegasus is a Texas chartered bank with three banking locations in Dallas, Texas. As of December 31, 2018, Pegasus had approximately $639.1 million in total assets, $367.4 million in loans, and $595.3 million in deposits. The acquisition is expected to be completed during August 2019 and is subject to regulatory approval. Upon acquisition, the Bank will continue to operate as “Pegasus Bank” under a separate Texas charter and remain an independent subsidiary of BancFirst Corporation governed by its existing board of directors. BancFirst Corporation intends to provide an appropriate amount of capital to increase Pegasus Bank’s ability to approve larger loans and allow Pegasus to continue to grow their assets.
D.A. Davidson & Co. served as BancFirst Corporation’s financial adviser for this transaction.
About BANCFIRST CORPORATION (NASDAQ:BANF)
BancFirst Corporation is a financial holding company. The Company conducts its operating activities through its principal subsidiary, BancFirst (the Bank), a state-chartered bank. It has four business units, which include metropolitan banks, community banks, other financial services, and executive, operations and support. The metropolitan and community banks offer traditional banking products, such as commercial and retail lending, and a line of deposit accounts. The metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. The community banks consist of banking locations in communities throughout Oklahoma. Its other financial services are specialty product business units, including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions.
