As seen in Forbes on May 7, 2024 - view the Forbes.com article here.
OKLAHOMA CITY, OK – MidFirst Bank is the largest privately owned bank in the nation. Over the last ten years, MidFirst has expanded across the country and increased its assets by nearly 300% to $37 billion.
MidFirst can trace its roots back to 1954, starting as a mortgage company, evolving to a community bank and then growing into the well-respected, national institution it is today. The strategic plan for the past decade’s growth of over $20 billion started when MidFirst CEO and Chairman G. Jeffrey Records, Jr. joined the bank in 1984. Records’ ability to balance long-term vision with opportunistic instincts has always been a strength. Employees attribute the bank’s successful expansion to the foundation and culture Records has built during his 40 years at MidFirst. While strategically adding employees, capabilities and market reach to meet the needs of its growing customer base, MidFirst has maintained its unwavering focus on delivering exceptional customer service.
MidFirst has been profitable each and every year under Records’ time as CEO, including 2008-2009 during the Great Financial Crisis. Additionally, the bank’s return on equity has earned it a place among the top 5% of its peers. Though most banks experienced decreased deposits in 2023, MidFirst deposits increased by 15.8%, driven by inflows from both new and existing customers.
"Our mission is to be the top performing financial institution in the markets we serve. We achieve this through personalized solutions for our customers, tailored to their financial needs"
- Jeff Records, Chairman and CEO
As a privately owned bank, MidFirst truly aligns with its customers, employees and communities to create long-term value, without the pressure publicly traded banks face in managing quarterly earnings. MidFirst’s highly experienced senior leadership team has adopted Records’ meticulous approach to evaluating investments and opportunities. Together, they deliberate opportunistic and long-term decisions in ways only privately owned institutions can.
MidFirst’s reputation for stability is well earned and independent financial ratings firms consistently assign the bank top marks. Often, as financial institutions push to expand, they sacrifice a degree of near-term stability to do so. This is evident when there are declines in total risk-based capital ratios (an indicator of financial health) as assets increase, but MidFirst has defied that pattern. Over the past five years, the bank’s total capital has more than doubled. MidFirst is extremely well capitalized with $3.5 billion in regulatory capital and reserves, and $14.2 billion in available liquidity. MidFirst’s 18.9% total risk-based capital ratio continues to earn the bank a top spot among peers nationwide.
Due to the challenges some banks faced in 2023, the percentage of FDIC-insured deposits has become an increasingly important metric of stability. It’s a metric MidFirst has always prioritized, with 83% of deposits being FDIC-insured, reinforcing MidFirst’s position as one of the most stable banks in the nation.
MidFirst’s customer base is diverse and includes multi-generational clients, with a growing number discovering MidFirst as the bank’s presence expands in their cities and communities. Whether new or existing, all clients benefit from MidFirst’s adherence to fundamentals, comprehensive financial offerings, best-in-class technology and truly personalized service.
MidFirst’s more than 3,000 employees embrace the strong company culture set forth by the executive team and are committed to working together to serve the needs of their customers across the bank’s 100 locations nationwide. This commitment to its employees and customers consistently earns MidFirst recognition as a top place to work and bank. In 2024, MidFirst was named one of “America’s Best Midsize Employers,” making it the highest-ranked bank on the list. In 2023, Forbes and Statista named MidFirst a “World’s Best Bank” and one of “America’s Best Employers” for the third year in a row.
MidFirst continues to leverage its platform of providing the financial products of a large-bank with the exceptional individualized service of a community bank to meet customers’ needs in both established and new markets, with recent expansion into California, Nevada, Utah and Texas. This dedication to customer service is clear from the recognition it receives in its Oklahoma-based headquarters as Newsweek’s “Best Big Bank in Oklahoma” for the fourth consecutive year and “Best Bank” by The Oklahoman for the tenth consecutive year.
MidFirst’s financial education program for children, students, adults and seniors has been recognized by the American Marketing Association and American Bankers Association, earning numerous Excellence in Financial Literacy Education (“EIFLE”) awards. The program includes innovative curricula for every stage of life and has helped over 200,000 individuals through its coaching sessions and workshops. One recent example of the bank’s commitment to financial education is the MidFirst MoneyCoach Program, a partnership with the University of Oklahoma. The MoneyCoach program assists freshmen in their budgeting and planning and has helped lead to an 88% freshman to sophomore retention rate.
MidFirst positively impacts the communities it serves through philanthropy, volunteerism and its Cause Debit Card Program. Cause Cards have generated over $5 million in donations for non-profit organizations that support healthcare research, environmental initiatives and improving access to education and the arts. In addition to the Cause Cards, MidFirst donates millions of dollars annually through its long-standing support of organizations dedicated to meaningful community impact.
MidFirst leverages the benefits of being privately owned while continuing to evolve and expand in ways that best serve its customers, employees and communities. “We know how important financial opportunities and security are to customers. It is our privilege to help them achieve both,” says Records. “We will keep delivering on that vision and mission as we continue to grow. That is what drives our team here at MidFirst.”
MidFirst’s substantial presence, strong asset base and world-class offerings are the result of the inextricable values embedded in the bank’s culture. And all of that is possible because MidFirst is built on an enduring foundation that remains Strong. Stable. Private.
* All information is as of December 31, 2023, unless otherwise noted. Member FDIC.
