First Financial signs with FDIC
Oklahoma City-based loan sale adviser First Financial Network Inc. has renewed a five-year agreement with the Federal Deposit Insurance Corp. to value, market and sell assets in FDIC receiverships. First Financial handles loan sales, loan file imaging and indexing, loan valuation, due diligence and loan sale closing services for banks, federal agencies, special servicers, major foreign banks and other lenders. Over the past five years First Financial has aided the FDIC in more than 33 transactions totaling $13.6 billion and has imaged 428,198 documents containing more than 3 million pages and indexed more than 1.5 million documents containing more than 12 million pages as part of its partnership with FDIC.
State banks honored by Forbes
Two Oklahoma banks were highlighted recently as top banks by Forbes in its annual rankings of “America's Best and Worst Banks.” Oklahoma City-based BancFirst was No. 13, and Tulsa-based BOK Financial, parent of Bank of Oklahoma, was No. 22. Forbes used financial data to rank 100 of the largest publicly traded banks and thrifts.
Ring Energy to move to Texas
TULSA — Ring Energy Inc. is replacing its board and executive officers and moving to Midland, Texas, the company announced this week. The moves come after Ring's June acquisition of privately held Stanford Energy, which was owned by Tim Rochford and Stan McCabe. Rochford will be Ring's new board chairman. “The team of seasoned individuals we have assembled and the assets we have in place in areas in which we have knowledge and experienced past success have positioned Ring Energy for growth and ultimately increased shareholder value,” Rochford said. The company, which owns property in four Texas and Kansas counties, will be led by CEO Kelly Hoffman, whose career began with Amoco in 1975.
Documentary to be screened
Oklahoma City University's Meinders School of Business will hold a free screening and discussion of Switch, a documentary discussing the transition from fossil fuels to alternative energy sources. The events will be Feb. 4 and 5 in the Meinders School's Kerr McGee Auditorium. The screening will be from 11 a.m. to 1:15 p.m. Feb. 4. Scott Tinker, director of the Texas Bureau of Economic Geology, will give a presentation about unconventional oil and gas reservoirs from 11 a.m. to 1 p.m. on Feb. 5. Lunch will be provided at both events. Registration is available online at msb.okcu.edu/news-events/events/register or by calling 208-5540.
Gulfport reports production
Gulfport Energy Corp. this week announced production results on two wells in the Ohio Utica Shale. The Oklahoma City energy company's Clay 1-4H well tested at an average sustained 12-hour production rate of 747 barrels of condensate, 5.9 million cubic feet of natural gas and 761 barrels of natural gas liquids per day. Gulfport's Stutzman 1-14H well tested at an average sustained four-hour rate of 21 million cubic feet of natural gas and 945 barrels of natural gas liquids per day.
Oklahoma City-based BancFirst Corp. on Thursday reported a $12.3 million profit for the fourth quarter, up 6.1 percent from $11.6 million for the same period a year ago. For all of 2012, BancFirst booked net income of $51.9 million, up 13.8 percent from $45.6 million in 2011. BancFirst held more than $6 billion in assets at the end of 2012, due to a temporary influx of deposits. BancFirst's total loans grew 7.6 percent from the fourth quarter of 2011 to $3.24 billion. Average total deposits grew 7.4 percent from the same period a year ago to $5.28 billion in the fourth quarter. “Our balance sheet is well-positioned with superior levels of liquidity, asset quality and capital adequacy,” BancFirst CEO David Rainbolt said. BancFirst shares closed at $41.14 on Thursday, down 20 cents a share.
From staff reports