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.