BancFirst is proceeding with plans for an extensive renovation of Cotter Ranch Tower in anticipation of its $23 million purchase of the bankrupt landmark in downtown Oklahoma City.
The Oklahoman reports that the tower languished under the ownership of the late James Cotter of Texas. The property ended up in receivership and then bankruptcy after Cotter's death.
BancFirst Executive Chairman David Rainbolt said this week the redevelopment also would allow the bank to consolidate operations and increase its downtown workforce from 300 to more than 450.
Rainbolt says the plans are being filed to be presented for approval by the Downtown Design Review Committee as the deadline for completing the purchase agreement with the U.S. Bankruptcy Court in Texas comes later this month.