BancFirst announced today that it has entered into an agreement to acquire certain assets and liabilities of the Citizens State Bank of Okemah. Pending approvals by the Oklahoma State Banking Department, FDIC and Federal Reserve, the transaction is projected to be finalized in the spring.
“This is a significant step for our customers, the Okemah community and all of Okfuskee County,” BancFirst President Chris Dixon said. “We are honored to partner with a community bank that has served Okemah alongside of our bank for more than 100 years.”
Combined assets of the bank will approach $100 million with an expanded line of financial services to meet the growing needs of consumers and businesses in the greater Okfuskee County market. Citizens State Bank President John Hays, who will be accepting an executive position with BancFirst, is working closely with Dixon on the conversion process to bring the two banking operations together.
“Banking offices will be consolidated into the Citizens State Bank building at 402 West Broadway,” Hays said. “A commitment to remain in the heart of Okemah’s downtown is key to this effort.”
According to Dixon, who will remain as president of the combined banking operations, both banking teams will come together once regulatory approvals are finalized. Customers of Citizens State Bank will be provided detailed communications on the transition of accounts and services.
“Financial strength and community focus are hallmarks of BancFirst,” Dixon said. “President Hays and I both agree that the coming together of these two banking portfolios will provide Okemah with the financial strength to build upon our community’s progress.”