BancFirst Corporation to acquire Texas-based Worthington National Bank
BancFirst Corporation, a state chartered bank in Oklahoma, has agreed to acquire Texas-based Worthington National Bank for an undisclosed price.
Worthington National Bank is an Office of the Comptroller of the Currency (OCC) chartered bank.
As of 30 September 2021, the bank had nearly $462.6 million in total assets, loans of $269 million, and deposits of $421.5 million.
Post-acquisition, Worthington National Bank will continue to function as “Worthington National Bank” under a separate OCC charter. It will operate as an independent subsidiary of BancFirst Corporation and will be administered by its existing board of directors.
BancFirst Corporation said that it plans to give an appropriate amount of capital or other support to boost the ability of Worthington National Bank to sanction larger loans and enable it to continue to expand its assets.
The deal, which is subject to regulatory approval, is anticipated to close during Q1 2022.