BancFirst Corporation Business Detailed Description
BancFirst Corp was incorporated as United Community Corporation on July 12, 1984 for the purpose of becoming a bank holding company. The Company conducts all of its operating activities through its wholly-owned subsidiary, BancFirst. The Company currently has approximately 100 banking locations serving 53 communities throughout Oklahoma. It 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. It operates as a "super community bank", managing its community banking offices on a decentralized basis, which permits the Company to be responsive to local customer needs. 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 provides centrally certain specialized financial services that require expertise. The Bank also provides a 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 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. The Company operates in four business units; metropolitan banks, community banks, other financial services, and executive operations and support. Metropolitan and community banks offer traditional banking products such as commercial and retail lending, and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units. The Company's location competes with other banking institutions, savings and loan associations, brokerage firms, personal loan finance companies and credit unions within their respective market areas. It also competes with interest rates charged on loans, underwriting terms and conditions, interest rates paid on deposits, fees on non-credit services, levels of service charges on deposits, completeness of product lines and quality of service. As a financial holding company and a bank holding company, the Company is subject to comprehensive regulation by the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended by the Gramm-Leach-Bliley Act of 1999, the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010, and other legislation as so amended, as well as other federal and state laws governing the banking business.