The Oklahoma State Banking Department has closed Bank of Union in El Reno.
Acting as receiver for the $331 million-asset failed bank, the Federal Deposit Insurance Corp. entered into an agreement on Friday to sell $225.5 million in assets and $328.8 million in deposits to BankFirst (BANF) in Oklahoma City. The FDIC said it will retain the failed bank's remaining assets for later disposition.
The failure the second so far this year is expected to cost the Deposit Insurance Fund $70 million.
Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.
The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.
Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.
Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.
Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.
Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.
