Saturday, January 25, 2014

Number One Fails

It comes as no surprise that The Bank of Union based in El Reno, Oklahoma was closed Friday by the Oklahoma State Banking Department. This relative newcomer to the Top 40 lists held the top ranking on our list of the nation's riskiest banks. The Bank of Union had approximately $331.4 million in total assets, of which BancFirst (943st) of Oklahoma City, Oklahoma has agreed to purchase approximately $225.5 million. In addition BancFirst will assume all of the approximately $328.8 million in total deposits of the failed bank. This is second bank closing of the year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $70.0 million.

Author's Note: Our apologies for the delay in posting. Weather conditions in the northeast and a new canine have things slowed down.