MidFirst Bank: Difference between revisions
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==History== |
==History== |
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The Midland Group began in 1954 when W.R. Johnston, an experienced Oklahoma banker, purchased a 50 percent share in Midland Mortgage Company, an Oklahoma City based company that had been formed four years earlier by a handful of individual investors. By 1963, Johnston and his son-in-law, George Records, had purchased the remaining 50 percent. Today, the Records family owns 100 percent of the Midland Group. |
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In 1982, Midland Financial purchased a |
In 1982, Midland Financial Co. purchased a newly formed charter bank in Stilwell, Oklahoma, named it to MidFirst Bank and moved it to Oklahoma City. At the end of its first year, the bank had $1.7 million in assets and five employees. |
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Today, MidFirst Bank is one of the largest privately owned banks in the United States, serving more than 600,000 customers. The bank offers a full range of commercial, trust, private banking and mortgage banking products, and serves as a commercial real estate lender and major servicer of mortgage loans nationally. Primary markets include [[Oklahoma City]], [[Denver]], [[Phoenix]], [[Tulsa]] and western Oklahoma, with commercial real estate lending offices in [[Atlanta]], [[Houston]], [[New York]] and [[Southern California]]. |
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Changes in the mortgage industry in the 1980s and new senior management spurred Midland Mortgage Company, now led by Jeff Records, to close its mortgage origination offices and purchase portfolios of mortgage servicing rights and mortgage-backed securities, which had high returns on investment. |
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=== MidFirst Bank History Timeline === |
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The bank expanded during this time, opening its own branches as well as acquiring ten branches from regulatory agencies and six more in a private transaction to bring it to 24 branches by 1991. |
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====2016==== |
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MidFirst Bank announces its entry into the Los Angeles market with the acquisition of 1st Century Bank.<ref>{{cite news|title=Oklahoma's MidFirst Bank seeks to grow through California bank acquisition|url=NewsOK.com|accessdate=11 March 2016}}</ref> |
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====2015==== |
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In the 1990s, the mortgage side of the company turned its servicing acquisition focus toward high-interest rate loans backed by the [[Government National Mortgage Association]]; this decision and successful strategies would accelerate MidFirst's growth in the late 1990s and early 2000s. Meanwhile, as the low mortgage rates of the 1990s spurred a boom in refinancing, Midland opened a centralized loan processing facility to streamline refinancing for mortgages it already serviced. |
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| ⚫ | MidFirst Bank acquires Denver-based Steele Street & Trust, a locally owned and operated community bank that is Colorado's only bank named to the prestigious SNL Financial Top 100 Best Performing Community Banks. <ref> [http://www.bizjournals.com/denver/blog/finance_etc/2015/01/midfirst-bank-completes-buy-of-denvers-steele.html?page=all MidFirst Bank completes buy of Denver's Steele Street Bank & Trust], ''Denver Business Journal'', 7 January 2015</ref> |
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====2014==== |
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Rapid bank expansion came in the second half of the 1990s as MidFirst rapidly spread throughout Oklahoma in an aim to ensure the long-term growth of the bank. It added branches in major Oklahoma markets and expanded its commercial banking services as the acquisition of MidFirst competitors by other, larger national banks led to the availability of key talent for MidFirst. This increased MidFirst's market share and made it the bank of choice for many commercial bankers in the state. The commercial real estate business would expand in the 2000s with new lending offices in Houston, Chicago, New York, and Newport Beach, California. |
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A new location for the Memorial Union banking center on the [[Arizona State University]] Tempe campus opens. The original MU banking center, opened in 2012, is transitioned to a production office. |
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====2013==== |
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| ⚫ | MidFirst |
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A new banking center opens in the University Center on the Downtown Phoenix Campus of Arizona State University, bringing the total number of banking centers in the Valley to 25. |
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MidFirst and the [[University of Central Oklahoma]] enter into a 10-year partnership that will provide personalized banking services to the students, employees and supporters of the university.<ref>{{cite web|title=About MidFirst|url=https://uco.midfirst.com/inside/about.aspx|website=uco.midifrst.com}}</ref> |
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In 2013, MidFirst Bank and the University of Central Oklahoma entered into a 10-year agreement, which made MidFirst the exclusive strategic banking partner of UCO. The agreement includes an innovative campus card program, which integrates a Visa® check card and student and employee ID program; offers UCO Visa check cards and credit cards for alumni and fans; and provides financial-literacy resources to the UCO community. |
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MidFirst Bank acquires Atlanta-based Presidential Financial Corporation, an asset-based secured lender that provides growth capital to businesses and healthcare providers nationwide. <ref>[http://www.bizjournals.com/phoenix/news/2013/03/08/midfirst-bank-acquires-presidential.html MidFirst Bank acquires Presidential Financial Corp.], ''Phoenix Business Journal'', 8 March 2013</ref> |
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====2012==== |
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MidFirst launches a free mobile banking application for iPhone and Android users that allows customers to make deposits, pay bills and conduct other banking activities. |
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| ⚫ | MidFirst Bank and [[Arizona State University]] enter into an 11-year comprehensive strategic alliance that consolidates personalized banking services, including a MasterCard® check card and student/employee ID program; ASU MasterCard® check cards, credit cards and gift cards; financial-literacy classes; and a comprehensive sports-marketing package.<ref>[http://www.valleybankofaz.com/images/MidFirst-Bank-Growing-06-06-08.pdf MidFirst Bank growing, hiring 170 employees], ''Phoenix Business Journal'', 6 June 2008</ref><ref>[http://www.statepress.com/2012/04/02/midfirst-bank-partnership-to-change-university-id-and-banking/ MidFirst Bank partnership to change university ID and banking], ''The State Press'', 4 April 2012</ref> |
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The [[United States Small Business Administration]] awarded MidFirst Bank “Preferred Lender Program,” their premier accreditation.<ref>{{cite web|title=Resource Guide for Small Business|url=https://www.sba.gov/sites/default/files/files/resourceguide_3139.pdf|website=sba.gov}}</ref> |
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====2011==== |
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The Midland Group’s affiliate, Midland Mortgage Co., becomes Midland Mortgage, a division of MidFirst Bank. |
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====2010==== |
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The Midland Group celebrates its 60th anniversary. |
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====2009==== |
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MidFirst celebrates 14 grand openings in Arizona. |
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MidFirst Bank acquires Community Bank of Arizona and Union Bank.<ref>[http://www.lexology.com/library/detail.aspx?g=d6cfa0b5-9cf5-4fb7-8486-d1d90979a09a MidFirst Bank assumes deposits of Union Bank N.A. and Community Bank of Arizona]</ref> |
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====2008==== |
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With respect to return on equity, MidFirst Bank ranks first for institutions with more than $3 billion in assets. |
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====2007==== |
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MidFirst opens its new Arizona headquarters at 3030 E. Camelback in Phoenix and the second Phoenix banking center at Central & Washington. |
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MidFirst and [[the University of Oklahoma]] enter into a 10-year agreement, providing the bank with exclusive rights to market the university’s logo on checks, check cards and gift cards.<ref>{{cite news|title=MidFirst, BofA Score Sooner Marketing Win|url=http://www.tulsaworld.com/business/tulsabusiness/business_news/midfirst-bofa-score-sooner-marketing-win/article_d2d1ec4b-a870-543b-8cf5-e8d3605fae21.html|issue=Tulsa Business & Legal News|publisher=Tulsa World|date=9 July 2007}}</ref> |
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====2006==== |
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The [[American Bankers Association]] in the June 2006 edition of its Banking Journal identifies MidFirst Bank as the top performing privately owned financial institution in the United States for 2005.<ref>{{cite journal|title=“Banking's Top Performers 2006: Part 1: Banks with Assets over $3 Billion"|journal=ABA Banking Journal|date=June 2006}}</ref> |
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====2003==== |
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MidFirst enters the Phoenix market with a commercial real estate loan production office focused on income property lending. |
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====2002==== |
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MidFirst celebrates the grand opening of its flagship Oklahoma banking center location while achieving record earnings for the 12th consecutive year. Net earnings soar to $222 million, an increase of more than 50 percent over 2001. |
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====1982==== |
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The Midland Group purchases a newly formed financial institution and names it MidFirst Bank. |
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==Management== |
==Management== |
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Revision as of 17:30, 4 April 2016
| Company type | Private |
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| Founded | 1982 |
| Headquarters | , United States |
Area served | Oklahoma City; Tulsa; western Oklahoma; Phoenix, Arizona; Denver, Colorado |
Key people |
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| Products | Asset management, banking, commercial banking, consumer banking, corporate banking, credit cards, consumer finance, finance and insurance, financial services, insurance, investment management, mobile banking, global wealth management, insurance, investment banking, investment management, money market trading, mortgage loans, prime brokerage, private banking, retail banking, retail brokerage, wealth management |
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| Total assets |
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| Subsidiaries |
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| Website | midfirst |
MidFirst Bank is an Oklahoma City, Oklahoma-based bank, concentrated in the state of Oklahoma, Phoenix, Arizona and Denver, Colorado. It is one of the largest privately owned banks in the United States and the largest in Arizona.
History
The Midland Group began in 1954 when W.R. Johnston, an experienced Oklahoma banker, purchased a 50 percent share in Midland Mortgage Company, an Oklahoma City based company that had been formed four years earlier by a handful of individual investors. By 1963, Johnston and his son-in-law, George Records, had purchased the remaining 50 percent. Today, the Records family owns 100 percent of the Midland Group.
In 1982, Midland Financial Co. purchased a newly formed charter bank in Stilwell, Oklahoma, named it to MidFirst Bank and moved it to Oklahoma City. At the end of its first year, the bank had $1.7 million in assets and five employees.
Today, MidFirst Bank is one of the largest privately owned banks in the United States, serving more than 600,000 customers. The bank offers a full range of commercial, trust, private banking and mortgage banking products, and serves as a commercial real estate lender and major servicer of mortgage loans nationally. Primary markets include Oklahoma City, Denver, Phoenix, Tulsa and western Oklahoma, with commercial real estate lending offices in Atlanta, Houston, New York and Southern California.
MidFirst Bank History Timeline
2016
MidFirst Bank announces its entry into the Los Angeles market with the acquisition of 1st Century Bank.[3]
2015
MidFirst Bank acquires Denver-based Steele Street & Trust, a locally owned and operated community bank that is Colorado's only bank named to the prestigious SNL Financial Top 100 Best Performing Community Banks. [4]
2014
A new location for the Memorial Union banking center on the Arizona State University Tempe campus opens. The original MU banking center, opened in 2012, is transitioned to a production office.
2013
A new banking center opens in the University Center on the Downtown Phoenix Campus of Arizona State University, bringing the total number of banking centers in the Valley to 25.
MidFirst and the University of Central Oklahoma enter into a 10-year partnership that will provide personalized banking services to the students, employees and supporters of the university.[5]
MidFirst Bank acquires Atlanta-based Presidential Financial Corporation, an asset-based secured lender that provides growth capital to businesses and healthcare providers nationwide. [6]
2012
MidFirst launches a free mobile banking application for iPhone and Android users that allows customers to make deposits, pay bills and conduct other banking activities.
MidFirst Bank and Arizona State University enter into an 11-year comprehensive strategic alliance that consolidates personalized banking services, including a MasterCard® check card and student/employee ID program; ASU MasterCard® check cards, credit cards and gift cards; financial-literacy classes; and a comprehensive sports-marketing package.[7][8]
The United States Small Business Administration awarded MidFirst Bank “Preferred Lender Program,” their premier accreditation.[9]
2011
The Midland Group’s affiliate, Midland Mortgage Co., becomes Midland Mortgage, a division of MidFirst Bank.
2010
The Midland Group celebrates its 60th anniversary.
2009
MidFirst celebrates 14 grand openings in Arizona.
MidFirst Bank acquires Community Bank of Arizona and Union Bank.[10]
2008
With respect to return on equity, MidFirst Bank ranks first for institutions with more than $3 billion in assets.
2007
MidFirst opens its new Arizona headquarters at 3030 E. Camelback in Phoenix and the second Phoenix banking center at Central & Washington.
MidFirst and the University of Oklahoma enter into a 10-year agreement, providing the bank with exclusive rights to market the university’s logo on checks, check cards and gift cards.[11]
2006
The American Bankers Association in the June 2006 edition of its Banking Journal identifies MidFirst Bank as the top performing privately owned financial institution in the United States for 2005.[12]
2003
MidFirst enters the Phoenix market with a commercial real estate loan production office focused on income property lending.
2002
MidFirst celebrates the grand opening of its flagship Oklahoma banking center location while achieving record earnings for the 12th consecutive year. Net earnings soar to $222 million, an increase of more than 50 percent over 2001.
1982
The Midland Group purchases a newly formed financial institution and names it MidFirst Bank.
Management
MidFirst chairman and CEO G. Jeffrey Records, Jr. is a part-owner of the Oklahoma City Thunder of the NBA through its ownership group The Professional Basketball Club, LLC.[13]
References
- ^ MidFirst 2015 financial reports
- ^ MidFirst 2015 financial reports
- ^ [NewsOK.com "Oklahoma's MidFirst Bank seeks to grow through California bank acquisition"]. Retrieved 11 March 2016.
{{cite news}}: Check|url=value (help) - ^ MidFirst Bank completes buy of Denver's Steele Street Bank & Trust, Denver Business Journal, 7 January 2015
- ^ "About MidFirst". uco.midifrst.com.
- ^ MidFirst Bank acquires Presidential Financial Corp., Phoenix Business Journal, 8 March 2013
- ^ MidFirst Bank growing, hiring 170 employees, Phoenix Business Journal, 6 June 2008
- ^ MidFirst Bank partnership to change university ID and banking, The State Press, 4 April 2012
- ^ "Resource Guide for Small Business" (PDF). sba.gov.
- ^ MidFirst Bank assumes deposits of Union Bank N.A. and Community Bank of Arizona
- ^ "MidFirst, BofA Score Sooner Marketing Win". No. Tulsa Business & Legal News. Tulsa World. 9 July 2007.
- ^ ""Banking's Top Performers 2006: Part 1: Banks with Assets over $3 Billion"". ABA Banking Journal. June 2006.
- ^ Thunder Roll, Oklahoma Today, Jan/Feb 2009