OK Banking Commissioner Closes El Reno Bank of Union - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

OK Banking Commissioner Closes El Reno Bank of Union

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[Photo Courtesy: MGN.] [Photo Courtesy: MGN.]
EL RENO, Oklahoma -

Oklahoma's banking commissioner closed The Bank of Union in El Reno due to significant loan losses and the exhaustion of capital funds.

State Banking Commissioner Mick Thompson said the Canadian County bank closed at 3 p.m. Friday.

Thompson took possession of the bank and assigned its liquidation and receivership to the Federal Deposit Insurance Corporation.

Thompson said the FDIC reached a purchase and assumption agreement with BancFirst of OKC to assume deposits and to purchase $225.5 million of the failed bank's assets.

Depositors of The Bank of Union will automatically become depositors of BancFirst and can access their money by writing checks or using ATM or debit cards.

Thompson said checks drawn on The Bank of Union will continue to be processed and loan customers should continue to make their payments.

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

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