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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

It's the first bank failure in Oklahoma since June 2012, when First Capital Bank of Kingfisher failed with estimated losses of $9.9 million.

As of Sept. 30, The Bank of Union had $331.4 million in total assets and $328.8 million in total deposits, according to the Federal Deposit Insurance Corp. In addition to assuming all of the deposits of the failed bank, BancFirst agreed to purchase about $225.5 million of The Bank of Union's assets. The FDIC will retain the remaining assets for a later sale.

The FDIC will continue to insure the banks' deposits. Customers who have questions about the transaction can call the FDIC at (800) 405-8251.

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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