28 03 2016

MidFirst Bank acquires 1st Century Bancshares, Inc.

Covington represented MidFirst Bank in its acquisition of 1st Century Bancshares, Inc.


MidFirst Bank provides a range of commercial, trust, private banking, and mortgage banking products and services in the United States. The bank, led by G. Jeffrey Records Jr., Tim Deimund, Derek Caswell, Randy Roper and Steve Griffin, is based in Oklahoma City. 1st Century Bank was established in 2004 by a team of entrepreneurs, banking veterans, and local leaders.  As of December 31, 2015, 1st Century Bancshares had assets totaling $732 million, net loans of $589 million and deposits of $598 million. Simultaneously with the closing of the acquisition, 1st Century Bank will be merged into MidFirst Bank.  Following these transactions, the business of 1st Century Bank will continue to operate under the 1st Century brand as a division of MidFirst Bank National Association. The merger, expected to close in the second half of 2016, has been approved by the boards of directors of both banks and holding companies and is subject to customary conditions including stockholder and regulatory approvals. Under the terms of the agreement, 1st Century Bancshares, Inc. stockholders will receive cash of $11.22 per share. The Covington team advising on the transaction included a corporate deal team led by partner J. D. Weinberg (Picture), with associates Allison Schiffman and Daud Munir.  Advice was also provided by partner Scott Smith (corporate), partner Keith Noreika, with associate Randy Benjenk (bank regulatory); partner Michael Francese, with associate Valerie Hughes (employment); partner Robert Heller (tax); senior of counsel Don Elliott, with associate Kamila Lis (environment); and of counsel Heather Haberl (real estate). Involved fees earner: J. D. Weinberg - Covington & Burling; Allison Schiffman - Covington & Burling; Daud Munir - Covington & Burling; Scott Smith - Covington & Burling; Keith Noreika - Covington & Burling; Randy Benjenk - Simpson Thacher & Bartlett; Michael Francese - Covington & Burling; Robert Heller - Covington & Burling; Donald Elliott - Covington & Burling; Kamila Lis - Covington & Burling; Heather Haberl - Covington & Burling;

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