BancFirst to Acquire First Community Bankshares for $1B

TL;DR

BancFirst buying First Community Bankshares for $1B. Big Oklahoma expansion.

AI Summary

BancFirst Corporation announced on November 21, 2024, that it has entered into a definitive agreement to acquire First Community Bankshares, Inc. The transaction is valued at approximately $1.0 billion, with First Community Bankshares, Inc. shareholders receiving $20.00 in cash and 0.75 shares of BancFirst common stock for each share of First Community Bankshares, Inc. common stock they own.

Why It Matters

This acquisition significantly expands BancFirst's presence in the Oklahoma market, potentially leading to increased competition and a broader range of financial services for customers in the region.

Risk Assessment

Risk Level: medium — The acquisition involves a significant cash and stock component, and integration risks are inherent in combining two financial institutions.

Key Numbers

• $1.0B — Acquisition Value (Total price for First Community Bankshares, Inc.)
• $20.00 — Cash per Share (Cash component of the offer for First Community Bankshares, Inc. shareholders.)
• 0.75 — Stock per Share (Stock component of the offer for First Community Bankshares, Inc. shareholders.)

Key Players & Entities

• BancFirst Corporation (company) — Acquiring company
• First Community Bankshares, Inc. (company) — Target company
• $1.0 billion (dollar_amount) — Total transaction value
• $20.00 (dollar_amount) — Cash component per share
• 0.75 shares (dollar_amount) — Stock component per share
• November 21, 2024 (date) — Announcement date

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 Par Value Per Share BANF Nasdaq Glo
• $0.46 — oration's Board of Directors declared a $0.46 per share cash dividend on its common s
• $26.8 million — o pay the quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debent
• $0.45 — e interest payment to pay a dividend of $0.45 per share on the trust preferred securi

Filing Documents

• banf-20241121.htm (8-K) — 36KB
• 0000950170-24-129683.txt ( ) — 146KB
• banf-20241121.xsd (EX-101.SCH) — 24KB
• banf-20241121_htm.xml (XML) — 5KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. BancFirst Corporation Announces Declaration of Quarterly Dividend on its Common Stock and an Interest Payment on its BFC Capital Trust II On November 21, 2024, BancFirst Corporation's Board of Directors declared a $0.46 per share cash dividend on its common stock. The dividend is payable January 15, 2025, to shareholders of record on December 31, 2024. BancFirst Corporation will also pay the quarterly interest payment on $26.8 million of its 7.20% Junior Subordinated Debentures related to the trust preferred securities issued by its statutory trust subsidiary, BFC Capital Trust II. The trust will use the proceeds of the interest payment to pay a dividend of $0.45 per share on the trust preferred securities, payable January 15, 2025, to shareholders of record on December 31, 2024.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BancFirst Corporation Date: November 21, 2024 By: /s/ Hannah Andrus Hannah Andrus Executive Vice President Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR