US regulators close small bank in Oklahoma

US regulators close small bank in Oklahoma

Credit: AFP/Getty Images

US currency is seeen in this January 30, 2011 photo in Manassas, VA. AFP PHOTO/Karen BLEIER (Photo credit should read KAREN BLEIER/AFP/Getty Images)

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by ASSOCIATED PRESS

khou.com

Posted on June 27, 2014 at 5:23 PM

WASHINGTON (AP) - Regulators have closed a lender in Oklahoma, bringing U.S. bank failures this year to 12 after 24 closures in all of 2013.
   
The Federal Deposit Insurance Corp. said Friday that it has taken over The Freedom State Bank, based in Freedom, Oklahoma.
   
The bank, which operated one branch, had about $22.8 million in assets and $20.9 million in deposits.
   
Alva State Bank & Trust Co. agreed to pay the FDIC a premium of 1 percent to assume all the deposits of Freedom State Bank. It also agreed to buy roughly $17.7 million of the failed bank's assets.
   
The failure of Freedom State Bank is expected to cost the deposit insurance fund $5.8 million.
 

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