Regulators shutter bank in Oklahoma

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Associated Press

Posted on January 24, 2014 at 5:02 PM

WASHINGTON (AP) — Regulators have closed a small lender in Oklahoma, the second U.S. bank failure of 2014 after 24 closures last year.

The Federal Deposit Insurance Corp. said Friday that it has taken over The Bank of Union. BancFirst, based in Oklahoma City, has agreed to assume Bank of Union's deposits and to buy $225.5 million of the failed bank's assets.

Bank of Union has one branch in Oklahoma City and another one about 30 miles away in El Reno, Okla. It had $331.4 million in assets and $328.8 million in deposits as of Sept. 30.

The FDIC will keep the remaining assets to try to sell later.

The bank's failure is expected to cost the deposit insurance fund $70 million.

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