MidFirst Bank Adds $6.5 Billion to Portfolio

October 7, 2008

OKLAHOMA CITY, OK – MidFirst Bank, the third largest privately owned bank in the United States, has acquired a $6.5 billion mortgage servicing portfolio, comprised of over 65,000 government-backed mortgage loans. This purchase places MidFirst among the top five servicers of FHA and VA government-backed loans in the United States. As a result of this acquisition, MidFirst will be adding 70 new positions in a variety of different loan servicing functions, bringing the servicing group's total to nearly 500 employees.

"MidFirst Bank's position during these uncertain financial times has enabled it to pursue multiple opportunities. We remain dedicated to our core competencies in the government-backed mortgage banking arena as evidenced by this transaction," said Bob Dilg, president and chief executive officer of MidFirst Bank.

MidFirst's government servicing portfolio now stands at 372,000 loans totaling $29.3 billion. Over the past 12 months, MidFirst has purchased government-backed FHA and VA servicing portfolios totaling nearly $16 billion. Unlike riskier assets such as sub-prime and other private-issue mortgage loans, FHA and VA loans are directly backed by agencies of the United States government and therefore carry minimal credit risk. MidFirst Bank's mortgage servicing portfolio is comprised primarily of FHA and VA mortgage loans with 98% of the portfolio being government-backed.

"For the past 20 years, the bank's focus on this government-backed mortgage servicing strategy and our avoidance of the sub-prime mortgage business has significantly mitigated the impact to MidFirst of the recent financial turmoil which continues to affect our economy," Dilg continued. "In addition to this most recent transaction, MidFirst is also aggressively pursuing other acquisition opportunities which meets its diversification and risk management objectives."

MidFirst is Oklahoma City's largest bank, with 50 offices and over 100 ATMs across Oklahoma. MidFirst is a member of the Midland Group of Companies and is Oklahoma owned and operated. The Midland Group has served Oklahoma and the nation's financial needs for 55 years, and is among the largest employers in the state with approximately 1,500 employees.