Oklahoma City’s MidFirst Bank to Acquire Denver’s Steele Street Bank & Trust

OKLAHOMA CITY--()--MidFirst Bank is pleased to announce it has entered into an agreement to acquire Denver-based Steele Street Bank & Trust, Colorado’s only bank named to the prestigious list of SNL Financial’s Top 100 Best Performing Community Banks.

Steele Street Bank & Trust is a locally owned and operated community bank with three locations in the Denver area. The bank serves the unique needs of professionals and independent businesses, with a focus on delivering highly personalized customer service and local decision-making.

Steele Street Bank & Trust was established in 2003 and as of March 31, 2014, had assets totaling more than $525 million, deposits of $469 million, and assets under management of approximately $600 million.

The acquisition, expected to close in the first quarter of 2015, has been approved by the boards of directors of both companies and is subject to shareholder and regulatory approval and other customary conditions. Terms of the acquisition were not disclosed.

MidFirst Bank Chairman and CEO, Jeff Records, and Steele Street Bank & Trust Chairman and CEO Bob Malone, announced the agreement jointly stating they will work together to ensure that the acquisition is a seamless experience for Steele Street’s customers. Brian Wilkinson will lead MidFirst in Colorado as Market President and Malone will serve as Market Chairman focusing on board and client relationships. The Steele Street Board will remain as advisory directors.

“Our acquisition of Steele Street Bank & Trust allows us to enter one of the most dynamic markets in the country, and one that is deeply rooted within our company’s ownership,” said Records. “We remain committed to our founding vision of providing customers with the best products and service. We are excited to work with one of Colorado’s most respected and valuable banking teams to create rewarding opportunities for Steele Street customers.”

Malone added, “We are delighted to align with MidFirst Bank and appreciative for their recognition of Steele Street as a premium bank in the Denver market. Their combination of size, private ownership and relational approach will allow us to compete more effectively with larger banks. MidFirst also brings our customers a much broader array of products and services while continuing to offer customers a genuine community banking experience that emphasizes local decision making, security and stability.”

“MidFirst Bank prides itself on its strong commitment to customer service, which is in alignment with Steele Street’s values,” said Records. “This acquisition will provide us with a strong entry into the Denver market.”

MidFirst Bank was advised in this transaction by Sandler O’Neill & Partners, LP as financial advisor and Covington & Burling LLP as legal counsel. Steele Street Bank & Trust was advised in this transaction by St. Charles Capital, LLC as financial advisor and by Sherman & Howard LLC, and Lewis, Roca, Rothgerber LLP as legal counsel.

About MidFirst Bank

Established in 1954 and headquartered in Oklahoma City, MidFirst Bank is one of the nation’s largest privately held banks, with total assets of $9.5 billion and serving more than 600,000 customers. It has received IDC’s highest possible Bank Safety Rating, placing it in the top five percent of all U.S. financial institutions.

MidFirst Bank has more than 50 banking centers and 100 ATMs in Oklahoma as well as 25 banking centers and more than 75 ATMs in Arizona. Additionally, it has commercial lending offices in Atlanta, Dallas, Houston, New York and Southern California.

Contacts

MidFirst Bank
Derek Caswell, 405-767-7475
Senior Vice President
Director of Marketing
derek.caswell@midfirst.com

Release Summary

MidFirst Bank is pleased to announce it has entered into an agreement to acquire Denver-based Steele Street Bank & Trust. The acquisition is expected to close in the first quarter of 2015.

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Contacts

MidFirst Bank
Derek Caswell, 405-767-7475
Senior Vice President
Director of Marketing
derek.caswell@midfirst.com