1st Century Bancshares, Inc. (FCTY)

[56Chevy]

Oklahoma's MidFirst Bank seeks to grow through California bank acquisition

One of Oklahoma's largest banks is getting bigger.

MidFirst Bank will merge with 1st Century Bancshares Inc., [FCTY] a publicly traded Los Angeles banking company that operates 1st Century Bank.

Oklahoma City-based MidFirst will pay stockholders of 1st Century Bancshares Inc. $11.22 per share and will take the company private, according to the proposed terms of the sale. 1st Century has about 10.3 million shares outstanding, which would value the deal at $115.8 million.

In trading early Friday, 1st Century shares gained about 33 percent to $10.36.

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http://newsok.com/oklahomas-midfirst-bank-seeks-to-grow-through-california-bank-acquisition/article/5484315