has agreed to sell Century Life Assurance Co. to American Underwriters Life Insurance Co.
BancFirst will continue to offer Century Life insurance products through its banking offices. The Oklahoma-based financial company said the sale, expected to close in the fourth quarter, will result in an after-tax gain of $400,000 to $600,000 and will not have a significant impact on its results of operations for 2007.
Arizona-based American Underwriters will make Century Life Assurance into a wholly-owned subsidiary and its insurance products will be offered throughout Oklahoma and surrounding states.
Shares of BancFirst closed Tuesday down 53 cents, or 1.1%, at $46.82.