EL RENO, Okla. (AP) — Oklahoma's banking commissioner has closed The Bank of Union in El Reno due to significant loan losses and the exhaustion of capital funds.
State Banking Commissioner Mick Thompson says the Canadian County bank was 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 says the FDIC has reached a purchase and assumption agreement with BancFirst of Oklahoma City to assume deposits and to purchase certain 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 says checks drawn on The Bank of Union will continue to be processed and loan customers should continue to make their payments.