Oklahoma Bank Closes Due To Loan Losses

The First State Bank of Camargo, Oklahoma was closed at 3 p.m. Friday for "exhaustion of capital funds as a result of significant loan losses," according to Oklahoma State Banking Commissioner Mick Thompson.

Friday, January 28th 2011, 4:45 pm

By: News On 6

NewsOn6.com

OKLAHOMA CITY -- The First State Bank of Camargo, Oklahoma was closed at 3 p.m. Friday for "exhaustion of capital funds as a result of significant loan losses," according to Oklahoma State Banking Commissioner Mick Thompson.

The Oklahoma Banking Commissioner took possession of the bank and assigned the liquidation to the Federal Deposit Insurance Corporation (FDIC).

An Oklahoma City bank, Bank 7, will assume all deposits of the failed bank and purchasing assets, the FDIC announced.

Depositors of The First State Bank can access their money as usual with checks, ATM or debit cards, Thompson said. Branch banking services will begin at the former main office of The First State Bank beginning at 9 a.m. Monday, January 31.

"All depositor accounts will continue to be insured by the FDIC," Thompson said in a release. "No depositor will be inconvenienced or suffer any loss of insured deposits."

For more information, customers can call 800-450-5668.