BancFirst announces self-tender for 3.2% of its shares

By Lisa Kerner

Charlotte, N.C., Aug. 2 - BancFirst Corp.'s board of directors authorized a modified Dutch auction self-tender offer for up to 500,000 shares, or about 3.2%, of the company's common stock. The stock price range will be from $39.50 to $45.00 per share.

The offer is subject to proration if more than 500,000 shares are tendered at or below the company-selected final purchase price.

BancFirst said it would fund the offer with cash on hand.

MacKenzie Partners, Inc. is the information agent, and the dealer manager of the offer is Friedman, Billings, Ramsey & Co., Inc.

"We believe this share repurchase will add value for those ongoing shareholders while allowing others, especially those with large blocks, an opportunity to sell without incurring fees," chief executive officer David E. Rainbolt said in a company news release.

BancFirst is the Oklahoma City-based holding company for BancFirst, a state-chartered bank with $3.6 billion in total assets and 86 banking locations.

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