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BancFirst Corporation
Company typePublic
Nasdaq: BANF
IndustryFinancial Services
Founded1966
Headquarters
Oklahoma City
Key people
Gene Rainbolt, David Rainbolt, Principal Shareholders
ProductsBanking
RevenueIncreaseUS$237M (FY 2009)[1]
IncreaseUS$32.6M (FY 2009)[1]
Total assetsIncreaseUS$4.42B (FY 2009)[2]
Total equityIncreaseUS$431M (FY 2009)[2]
Number of employees
1500+
Websitewww.bancfirst.com

BancFirst Corporation is a corporation which operates under the name BancFirst, a state chartered bank in Oklahoma, United States. It has 100 banking locations serving 53 communities throughout the state of Oklahoma [3], and is the largest state chartered bank in Oklahoma. [4]

History

The roots of BancFirst date back to 1966 when lead investor and Chairman H.E. “Gene” Rainbolt purchased Federal National Bank in Shawnee, Oklahoma. [5] Federal National had $16 million in assets at the time of purchase. [6] Throughout the ‘70's Rainbolt acquired interests in many rural Oklahoma banks and formed Thunderbird Financial Corporation to assist each bank with management services. [7] In 1985, Rainbolt’s banks in seven communities were brought under the ownership of United Community Corporation. [8]

In 1989 the company consolidated twelve banks under a single state charter, and officially named its company BancFirst. Corporate offices were established in Oklahoma City. [9] David Rainbolt became CEO of BancFirst in 1992, at which time the company reported $681 million in total assets.[10] He oversaw the first public offering of BancFirst stock in 1993, expanding the franchise in metropolitan and suburban Oklahoma.


Currently

BancFirst continues to grow today through branch expansion and acquisition of community banks in select Oklahoma markets. Currently, BancFirst operates in 53 Oklahoma communities in 30 of Oklahoma’s 77 counties, and with over 100 service locations.[11] The bank’s ATM network provides over 300 ATMs across the state and includes all Oklahoma Walgreens stores, 7-Eleven and EZ Go locations.[12]

While BancFirst is second to Bank of Oklahoma in total deposits, its number of personal household relationships exceeds any other bank in the state.[13]

BancFirst is a certified lender under the U.S. Small Business Administration loan program and holds the distinction of being Oklahoma's leading producer of SBA loans for 25 consecutive years. Kent Faison, President of Commercial Capital, BancFirst's SBA Lending Division, has been recognized by the SBA for his advocacy and support of small businesses within the state. [14]

During the great recession and financial crisis that began in 2008, BancFirst was virtually unaffected.[15] The year following this unprecedented financial collapse, the 2009 edition of Bank Director magazine ranked BancFirst as the 11th strongest bank in the United States. [16]

As of December 2016, BancFirst's assets totaled $7,018,952, in thousands, while deposits total $6,248,057, in thousands. [17] After 25 years as CEO, David Rainbolt became Executive Chairman of BancFirst Corp. in May of 2017, David Harlow was promoted to CEO of BancFirst Corp. and Darryl Schmidt became CEO of the company’s primary subsidiary.[18]

BancFirst’s Mission Statement

BancFirst is a community focused Oklahoma financial institution that meets its customers’ needs through both personalized and technology-driven service provided by highly trained and motivated employees, thereby creating long-term value for its shareholders.[citation needed]

References

  1. ^ a b BancFirst (BANF) annual SEC income statement filing via Wikinvest.
  2. ^ a b BancFirst (BANF) annual SEC balance sheet filing via Wikinvest.
  3. ^ www.bancfirst.bank
  4. ^ https://www5.fdic.gov/sod/sodMarketBank.asp?barItem=2
  5. ^ Hightower, M. J. (2015). Chapter One: The Early Years. In Loyal to Oklahoma The BancFirst Story (p. 8). Oklahoma City, OK: 2 Cities Press
  6. ^ Hightower, M. J. (2015). Chapter Two: A Base in Shawnee. In Loyal to Oklahoma The BancFirst Story (p. 11). Oklahoma City, OK: 2 Cities Press.
  7. ^ Hightower, M. J. (2015). Chapter Five: BancFirst Guthrie. In Loyal to Oklahoma The BancFirst Story (p. 50). Oklahoma City, OK: 2 Cities Press.
  8. ^ Hightower, M. J. (2015). Chapter Nine: United Community Corporation. In Loyal to Oklahoma The BancFirst Story (p. 81). Oklahoma City, OK: 2 Cities Press.
  9. ^ Hightower, M. J. (2015). Chapter Ten: BancFirst is Born. In Loyal to Oklahoma The BancFirst Story (p. 95). Oklahoma City, OK: 2 Cities Press.
  10. ^ BancFirst Corp. (1992). BancFirst Corp. Annual Report.
  11. ^ www.bancfirst.bank
  12. ^ https://www.bancfirst.bank/locations
  13. ^ Market and Banking Trends Survey by LCC Incorporated
  14. ^ U.S. Small Business Administration District Director Dottie Overal
  15. ^ 2008 BancFirst Annual Report
  16. ^ Bank Director magazine, 1st Quarter 2009, “The 2008 Bank Performance Scorecard: America’s Top 150 Banks"
  17. ^ BancFirst Corp. (2016). BancFirst Annual Report.
  18. ^ http://newsok.com/article/5550539
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