First Bank Failure in Oklahoma in Over 17 Years

The First State Bank of Altus was closed Friday by the Oklahoma State Banking Commissioner. It's the first bank failure in Oklahoma in over 17 years.

Friday, July 31st 2009, 8:34 pm

By: News 9


News9.com

ALTUS, Oklahoma -- The First State Bank of Altus was closed Friday by the Oklahoma State Banking Commissioner. It's the first bank failure in Oklahoma in over 17 years.

A statement from banks officials stated the closure was "due to exhaustion of capital funds as a result of significant loan losses."

The Federal Deposit Insurance Corporation announced the Herring Bank of Amarillo, Texas will take over all former customers of the Altus bank. The FDIC said customers will not be inconvenienced or suffer any loss from the closure and will be able to access their funds as normal.

Herring Bank will reopen in the former location of First State Bank in Altus on Monday morning.

Oklahoma State Banking Commissioner Mick Thompson said the failure does not reflect the overall banking industry in Oklahoma, which remains strong.

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