The Company was incorporated as United Community Corporation in July 1984 for
the purpose of becoming a bank holding company. In June 1985, it merged with
seven Oklahoma bank holding companies that had operated under common ownership
and the Company has conducted business as a bank holding company since that
time. Over the next several years the Company acquired additional banks and
bank holding companies, and in November 1988 the Company changed its name to
BancFirst Corporation. Effective April 1, 1989, the Company consolidated its
12 subsidiary banks and formed BancFirst. Over the intervening decades, the
Company has continued to expand through acquisitions and de-novo branches. The
Company currently has 99 banking locations serving 53 communities throughout
Oklahoma.
The Company’s strategy focuses on providing a full range of commercial
banking services to retail customers and small to medium-sized businesses in
both the non-metropolitan trade centers and cities in the metropolitan statistical
areas of Oklahoma. The Company operates as a “super community bank”,
managing its community banking offices on a decentralized basis, which permits
them to be responsive to local customer needs. Underwriting, funding, customer
service and pricing decisions are made by presidents in each market within the
Company’s strategic parameters. At the same time, the Company generally
has a larger lending capacity, broader product line and greater operational
scale than its principal competitors in the non-metropolitan market areas (which
typically are independently-owned community banks). In the metropolitan markets
served by the Company, the Company’s strategy is to focus on the needs
of local businesses that seek more responsive services than are available at
larger institutions.
The Bank maintains a strong community orientation by, among other things, selecting
members of the communities in which the Bank’s branches operate to local
consulting boards that assist in marketing and providing feedback on the Bank’s
products and services to meet customer needs. As a result of the development
of broad banking relationships with its customers and community branch network,
the Bank’s lending and investing activities are funded almost entirely
by core deposits.
The Bank centralizes virtually all of its processing, support and investment
functions in order to achieve consistency and operational efficiencies. The
Bank maintains centralized control functions such as operations support, bookkeeping,
accounting, loan review, compliance and internal auditing to ensure effective
risk management. The Bank also provides centrally certain specialized financial
services that require unique expertise.
The Bank provides a wide range of retail and commercial banking services, including:
commercial, real estate, agricultural and consumer lending; depository and funds
transfer services; collections; safe deposit boxes; cash management services;
trust services; retail brokerage services; and other services tailored for both
individual and corporate customers. Through its Technology and Operations Center,
the Bank provides item processing, research and other correspondent banking
services to financial institutions and governmental units.
The Bank’s primary lending activity is the financing of business and industry
in its market areas. Its commercial loan customers are generally small to medium-sized
businesses engaged in light manufacturing, local wholesale and retail trade,
commercial and residential real estate development and construction, services,
agriculture and the energy industry. Most forms of commercial lending are offered,
including commercial mortgages, other forms of asset-based financing and working
capital lines of credit. In addition, the Bank offers Small Business Administration
(“SBA”) guaranteed loans through BancFirst Commercial Capital, a
division established in 1991.
Consumer lending activities of the Bank consist of traditional forms of financing
for automobiles, home equity loans and other personal loans. Residential loans
consist primarily of home loans in non-metropolitan areas which are generally
shorter in duration than typical mortgages and reprice within five years.
The Bank’s range of deposit services include checking accounts, Negotiable
Order of Withdrawal (“NOW”) accounts, savings accounts, money market
accounts, sweep accounts, club accounts, individual retirement accounts and
certificates of deposit. Overdraft protection and auto draft services are also
offered. Deposits of the Bank are insured by the Deposit Insurance Fund administered
by the Federal Deposit Insurance Corporation (“FDIC”).
Trust services offered through the Bank’s Trust and Investment Management
Division (the “Trust Division”) consist primarily of investment
management and administration of trusts for individuals, corporations and employee
benefit plans. Investment options include pooled equity and fixed income funds
managed by the Trust Division and advised by nationally recognized investment
management firms. In addition, the Trust Division serves as bond trustee and
paying agent for various Oklahoma municipalities and governmental entities.
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