The Oklahoma State Banking Department (OSBD) announced Friday that a bank with locations in El Reno and Union City has been closed because of debts.
The Bank of Union was closed at 3:00 PM on Friday by Oklahoma State Banking Commissioner Mick Thompson. According to the OSBD, the closure was due to the exhaustion of capital funds as a result of significant loan losses.
According to the Federal Deposit Insurance Corporation (FDIC), the bank had approximately $331.4 million in total assets but $328.8 million in total deposits in September.
As the bank was being closed, the FDIC announced that the bank was being transferred to BancFirst of Oklahoma City. BancFirst agreed to assume deposits and $225.5 million of the failed bank's assets.
Customers of the bank will automatically be integrated into the BancFirst system and will still be able to access funds through checks or ATM/debit cards. Business hours of the bank will resume normal operations on Saturday with full service available once again on Monday.