BancFirst Sells Insurance Unit

The Oklahoma bank agrees to sell Century Life Assurance Co. to American Underwriters Life.
Author:
Publish date:

BancFirst

(BANF) - Get Report

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.