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The Bank of Union fails

Bad loans forced the closure of The Bank of Union, whose assets were sold to BancFirst. The bank will resume normal operations on Saturday, and deposits are fully insured by the Federal Deposit Insurance Corp.
by Paul Monies Modified: January 24, 2014 at 4:00 pm •  Published: January 24, 2014
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EL RENO — Federal and state banking regulators said Friday afternoon they took over The Bank of Union, which has branches in El Reno, Union City and Oklahoma City.

Oklahoma Banking Commissioner Mick Thompson said The Bank of Union closed because of an exhaustion of capital funds resulting from bad loan losses.

The bank will reopen Saturday morning under an agreement with BancFirst, which assumed the deposits of the Bank of Union. BancFirst said depositors will be able to conduct banking business as usual, and can use their current checks and debit cards. Internet banking ATMs will continue to serve customers, and loan customers should continue to make their payments as usual.

“We are pleased to welcome our new customers to the BancFirst family,” David Rainbolt, CEO of BancFirst Corp., said in a statement. “Up front, we want to make sure they understand that their deposits are safe and accessible. More importantly, in the long run, El Reno and Union City are exactly the kind of communities that we like to serve all across Oklahoma.”

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by Paul Monies
Energy Reporter
Paul Monies is an energy reporter for The Oklahoman. He has worked at newspapers in Texas and Missouri and most recently was a data journalist for USA Today in the Washington D.C. area. Monies also spent nine years as a business reporter and...
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