Kingfisher bank fails; F&M Bank of Edmond will take over

“The bank was closed due to exhaustion of capital funds as a result of significant loan losses,” Oklahoma Banking Commissioner Mick Thompson said in a statement issued by the agency.

F&M Bank agreed to pay a premium of 7.65 percent to assume First Capital's $46.1 million in assets. The Oklahoma Banking Department in an emergency meeting Friday appointed the Federal Deposit Insurance Corp. as receiver of the bank.

First Capital Bank customers may access their money over the weekend by writing checks or using ATM or debit cards, the FDIC said. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

The Kingfisher branch will offer drive-thru service beginning at 8 a.m. Saturday, and the main office will open Monday, the state Banking Department said.

The bank's assets plummeted to $46.1 million on March 31 from $119 million a year earlier. First Capital recorded a net loss of $573,000 in the first three months of this year, compared to a net loss of $126,000 in the same period last year.