BancFirst (BANF) Says it Will Not Participate in Treasury's Capital Purchase Program
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BancFirst Corporation (Nasdaq: BANF) today announced that it will elect not to accept funds from the U.S. Treasury's Capital Purchase Program, which offers additional capital to financial institutions. BancFirst was approached by the FDIC regarding participation in the program in mid-October.
The bank's rationale is twofold. BancFirst has a Tier One capital ratio of 12.40% as of September 30, 2008 and is a well-capitalized financial institution with capital ratios exceeding regulatory requirements. Because of its solid capital base, BancFirst is in a strong position to execute its business plan for the foreseeable future. Second, Congress has expressed concern about financial institutions accepting funding from the U.S. Treasury to fund the acquisitions of banks. BancFirst believes that acquiring banks in a troubled economic environment is a potential business opportunity.
Separately, BancFirst has indicated that it will participate in the FDIC's Transaction Account Guaranty Program which insures 100% of all noninterest bearing accounts. The bank will pay an insurance premium to the FDIC of ten basis points on the excess deposits.
BancFirst Corporation operates as the holding company for BancFirst, which provides a range of commercial banking products and services to retail customers and small to medium-sized businesses in Oklahoma.
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