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Home | Daily Dose | FDIC Marks Second Bank Collapse of 2014
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FDIC Marks Second Bank Collapse of 2014

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FDIC announced the closure of an Oklahoma bank over the weekend, marking the first insured collapse in the Sooner State in more than a year and a half.

The Bank of Union in El Reno was forced to shutter its doors Friday by the Oklahoma State Banking Department, which appointed FDIC as receiver. To protect depositors, FDIC announced a purchase and assumption agreement with Oklahoma City’s BancFirst, which will assume all of the failed bank’s $328.8 million in deposits (as of Q3 2013) and $225.5 million of its assets.

FDIC will retain the remaining $105.9 million in assets for later disposition, the agency said.

The Bank of Union’s closure will cost the Deposit Insurance Fund approximately $70.0 million, FDIC estimates.

The collapse was the second one in the United States so far in 2014 and the first one in Oklahoma since June 2012.

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About Author: Tory Barringer

Tory Barringer
Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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