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.
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
