The Norman Transcript

Homepage

January 25, 2014

Bank fails

NORMAN — The Bank of Union in El Reno was closed today by the Oklahoma State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with BancFirst of Oklahoma City to assume all of the deposits of The Bank of Union.

The two branches of The Bank of Union will reopen as branches of BancFirst during their normal business hours. Depositors of The Bank of Union will automatically become depositors of BancFirst.

Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of The Bank of Union should continue to use their existing branch until they receive notice from BancFirst that it has completed systems changes to allow other BancFirst branches to process their accounts as well.

This evening and over the weekend, depositors of The Bank of Union can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, The Bank of Union had approximately $331.4 million in total assets and $328.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, BancFirst agreed to purchase approximately $225.5 million of the failed bank’s assets.

The FDIC will retain the remaining assets for later disposition.

Customers with questions about Friday’s transaction should call the FDIC toll-free at 1-800-405-8251. The phone number will be operational this evening until 9 p.m.; on Saturday from 9 a.m. to 6 p.m.; on Sunday from noon to 6 p.m.; on Monday from 8 a.m. to 8 p.m. and thereafter from 9 a.m. to 5 p.m. Interested parties also can visit the FDIC's website at fdic.gov/bank/individual/failed/bankofunion.html.

Text Only | Photo Reprints
Headlines

Sports

Opinion

Features

Must Read

Editorials

Video
Obama Hopeful on Ukraine, Will Watch Russians Flamingo Frenzy Ahead of Zoo Construction Crew Criticized Over Handling of Ferry Disaster Agreement Reached to Calm Ukraine Tensions Raw: Pope Francis Performs Pre-easter Ritual Raw: Bulgarian Monastery Dyes 5000 Easter Eggs Diplomats Reach Deal to Ease Tensions in Ukraine U.S. Sending Nonlethal Aid to Ukraine Military Holder: Americans Stand With KC Mourners Obama Greets Wounded Warriors Malaysia Plane: Ocean Floor Images 'Very Clear' Sparks Fly With Derulo and Jordin on New Album Franco Leads Star-studded Broadway Cast Raw: Two Lucky Kids Get Ride in Popemobile Boston Bombing Survivors One Year Later Sister of Slain MIT Officer Reflects on Bombing
Business

Photos


Facebook