BancFirst bank of Oklahoma, United States
BancFirst is a publicly owned state-chartered bank of Oklahoma, United States.
The bank came in origin in 1966 and since then has served 53 communities of Oklahoma by establishing branches at over 100 locations in the state.
It is considered as the largest state-chartered bank in financial services in Oklahoma. The bank is headquartered in Oklahoma City, United States.
According to the financial report of 2009, the bank has generated revenue of US$237M through its total assets of US$4.42B and total equity of US$431M. At present, David Harlow is serving as the CEO of BancFirst Corp. guiding 1500+ employees.
BancFirst originated in 1966
BancFirst was founded by its chairman H.E."Gene" Rainbolt in 1966 from the Federal National Bank of Oklahoma.
Rainbolt with other investors purchased out the assets of the Federal bank forming Thunderbird Financial Corporation to look out on the management of banking services in a rural and urban area.
By bringing seven communities of Oklahoma under a single division
and ownership of United Community Corporation he managed out to form BancFirst in April 1989. With a change in banking laws, he enabled multiple banks to merge under a single entity.
The bank grew in numbers through acquisitions and set the trading stock symbol on NASDAQ in 1993 as BANF. They recently acquired the failed Bank of Union in January 2014 after getting the right of being the receiver by law.
At present, the bank is serving in 30 of Oklahoma's 77 counties setting up 100 service locations to manage out the operation of 53 communities. According to the financial report of 2016, the bank counts on its total assets as $7,018,952 in thousands with a total deposit of $6,248,057 in thousands.
What BancFirst offers you as a service?
BancFirst is in the market offering commercial, personal products, insurance, trust, and investment services through its four business units including community banks, metropolitan banks, other financial services, and executive, operations, and support.
They also work for specialty product business units including residential mortgage lending, securities, brokerage, small business lending, trust services, insurance, and electronic banking as part of its other financial services.
Do they offer legitimate services?
Yes, BancFirst offers legitimate services with trust established in the banking sector.
They are experiencing growth in credit quality from post-GFC recovery. It also has a good understanding of risks in the market as it can forecast and provision for its bad loans.
However, BancFirst is exposed to risky assets as they lend to borrowers who may not be able to pay back but it is just 3% of its total loans. Even its ratio of 0.95% clears out its low chances to face default and exhibits strong bad debt management.
They also have a stable interest rate and the amount available with them that makes deposits of customers at the lowest risk.
Calculating on BancFirst's total deposit to total liabilities it comes out 99.0% which is considered above the prudent level of the bank.
Why go for BancFirst?
BancFirst is not just a financial service company as it stands Nation's Strongest and Safest Bank for the consecutive 12 years in a row by Bank Director Magazine.
It has also made a way for being included on the KBW Bank Honor Roll for seven consecutive years.
Besides achievements, they offer larger lending capacity, greater operational efficiencies and a broader product line with a strategy to focus on the needs of local businesses.
They have set a strong relationship bond with consumers rather than just being a transactional bank.
What's in news?
BancFirst Corporation recently released out its third-quarter earnings report in October 2019.
According to the financial report, the bank has a net income of $33.4 million compared to its net income of $32.9 million for the third quarter of 2018.
As a result, it has increased to $72.3 million in a year when compared with $65.7 million in the previous year.
On the other hand, they have also acquired Pegasus Bank, a Texas state-chartered bank with three banking locations in Dallas, Texas on 15th August 2019.
References
https://en.m.wikipedia.org/wiki/BancFirst
www.bancfirst.com