Newspaper article THE JOURNAL RECORD

Bancoklahoma Requests FDIC Assistance Package

Newspaper article THE JOURNAL RECORD

Bancoklahoma Requests FDIC Assistance Package

Article excerpt

BancOklahoma Corp. has requested an approximate $100 million assistance package from the Federal Deposit Insuran ce Corp. for Bank of Oklahoma, Oklahoma City NA, it was reported Friday in the American Banker newspaper.

Officials of the bank, the holding company and the FDIC declined to comment on the story.

"It's still in the discussion stage and it would not be appropriate for me to comment," said Gerald Marshall, chairman of the Oklahoma City bank. "I have not been involved in the discussions, so Ican't confirm or deny it."

Coy Hobbs, spokesman for the Tulsa-based holding company, said he would not comment on "speculation."

The open bank assistance package for Bank of Oklahoma, Oklahoma City was being reviewed Thursday for final submission to the FDIC board of directors, the report said.

The Secura Group, a Washington, D.C.-based financial consulting firm, was reported by the newspaper to be assisting BancOklahoma in structuring its package.

Former FDIC Chairman William Isaac is a partner in the Secura Group.

The report said the FDIC would obtain a nonvoting interest in BancOklahoma, but the package did not call for the FDIC to buy any of the Oklahoma City bank's nonperforming assets, which were $79 million, or 19.5 percent of loans, at June 30.

It was reported this week by the Wall Street Journal that BancOklahoma's subsidiary banks had borrowed some $150 million from the Federal Reserve Bank in Kansas City because of a shortage of funds.

Tom Hoenig, senior vice president at the Federal Reserve Bank in Kansas City, declined to give the amount of borrowings by BancOklahoma Corp. subsidiary banks.

Marshall said Bank of Oklahoma, Oklahoma City had not been borrowing "nearly as much" from the Kansas City bank as had been reported. …

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