BancFirst Back in the M&A Market with SpiritBank Acquisition
In a significant move, BancFirst, headquartered in Oklahoma City, has announced its return to the mergers and acquisitions (M&A) market. The bank’s latest move involves acquiring a robust in-state rival, Tulsa-based SpiritBank, for an undisclosed amount. This strategic move comes seven months after BancFirst completed another in-state acquisition. The details of the deal were made public on Wednesday.
The Acquisition and its Impact
SpiritBank, a $940 million-asset bank operating in Oklahoma since 1916, is under the control of the Kelly family. BancFirst’s acquisition of SpiritBank is expected to finalize in the fourth quarter. This deal will increase the $15 billion-asset BancFirst’s presence in the Tulsa metropolitan statistical area. The merged entity is projected to hold about 6.5% of the Tulsa market’s $37.9 billion deposit.
David Harlow, BancFirst CEO, expressed his excitement about welcoming two outstanding communities, Bristow and Sapulpa, into the BancFirst family. He highlighted that expanding the bank’s base in Tulsa is equally valuable.
SpiritBank’s Monetary Assets
SpiritBank reported a net income of approximately $2.8 million in the first quarter. As of March 31, it had about $611 million of loans on its books. The bank’s deposits totalled $847.2 million, providing ample funding for BancFirst’s more active lending operation. However, BancFirst has yet to comment on this matter.
M&A Activity in the Banking Sector
The BancFirst-SpiritBank deal emerges during a slowdown in M&A activity. However, some industry observers predict the consolidation rate in the banking sector will accelerate significantly soon. The banking industry witnessed 69 merger announcements between January 1 and June 5 this year. In comparison, there were 188 deals in 2025.
Laurie Havener Hunsicker, an analyst at Seaport Research Partners, attributed the slower M&A pace in 2026 to concerns about inflation and the war in the Middle East. These factors have put pressure on banks’ stock prices, which serve as acquisition currencies.
About BancFirst
Although BancFirst is a publicly traded entity, it remains under family control. David Rainbolt, Chairman of the Board, is the son of company founder Gene Rainbolt. The company’s roots date back to 1962, when Gene Rainbolt acquired a small community bank in Purcell, Oklahoma. His reputation as a buyer has continued throughout BancFirst’s 64-year history. The acquisition of SpiritBank comes seven months after BancFirst completed a $33 million deal for another in-state institution, the $385 million-asset American Bank of Oklahoma in Collinsville.
Tulsa’s Banking Landscape
The population of the Tulsa metropolitan area, Oklahoma’s second-largest after Oklahoma City, totalled 1.07 million on July 1, 2025, indicating a 5% increase since 2020. The median household income stands at $69,658, about 83% of the $83,730 national average. BancFirst, which operates 109 branches in the Sooner State, is the second-largest bank headquartered in Oklahoma, behind the $53.8 billion-asset BOK Financial in Tulsa. BancFirst reported net income of $63 million for the three months ending March 31, up from $56 million a year earlier, prior to the American Bank merger.
Conclusion
SpiritBank CEO Rick Harper expressed his confidence in BancFirst as a merger partner, stating that BancFirst mirrors SpiritBank’s commitment to customers and the community. He believes that this transaction will bring mutual benefits. As of now, he has not responded to inquiries about other potential merger partners.
With the acquisition of SpiritBank, BancFirst continues to strengthen its position and expand its footprint in the Oklahoma banking sector. This move is expected to have a significant impact on the bank’s future growth and the broader financial landscape of the region.
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