Expert: 'Money is safe' in Oklahoma banks

Wednesday, July 16th 2008, 10:42 pm
By: News 9

By Rusty Surette, NEWS 9

Oklahomans don't have to worry about losing their money in a bank collapse, bankers said.

Long lines of desperate customers tried to collect whatever's left of their hard-earned savings from institutions like IndyMac Bank last week. Some Oklahomans now are questioning the stability of their banks.

Roger Beverage, president of the Oklahoma Bankers Association, said the fears are unwarranted.

"You don't have anything to worry about," Beverage said. "Even if the bank fails, you don't have anything to worry about."

Beverage said even if a bank fails, as long as it's insured by the Federal Deposit Insurance Corporation, then the money is protected up to $100,000.

"Their money is safe, period," Beverage said.

The state's banking industry's capital is at historic highs, a direct result of Oklahoma's booming economy, he said.

"Oklahoma's doing great as an economy and as a result, our banks are doing well," Beverage said.

Experts said people should still keep a close watch on what's happening in the banking industry because they fear the so-called banking crisis will get worse before it gets better.