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RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS
3 Months Ended
Mar. 31, 2014
Text Block [Abstract]  
RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

(2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS

On January 24, 2014, BancFirst, a wholly-owned subsidiary of BancFirst Corporation, assumed all of the deposits and purchased certain assets of The Bank of Union, El Reno, Oklahoma (“The Bank of Union”). The Bank of Union was closed on that day by the Oklahoma State Banking Department.

At the time of the closing, The Bank of Union had total deposits of approximately $302 million that were assumed by BancFirst. BancFirst initially purchased approximately $121 million of loans, the majority of which were classified as performing, $4.8 million of securities, and only $10,000 of other real estate. Its bid included a discount for the loans purchased. BancFirst had bid on, but was generally not awarded, loans that were classified as nonperforming. The acquisition did not have a material effect on the Company’s consolidated financial statements.

At March 31, 2014, the acquired branch had approximately $98.8 million of loans, the majority of which are classified as performing, and deposits of approximately $231.0 million.