Newspaper article THE JOURNAL RECORD

Bank of Oklahoma, Tulsa Buys Enid Bank Accounts / $31.2 Million

Newspaper article THE JOURNAL RECORD

Bank of Oklahoma, Tulsa Buys Enid Bank Accounts / $31.2 Million

Article excerpt

The right to manage $31.25 million in trust accounts of the failed First National Bank & Trust Co. of Enid, which federal regulators closed Nov. 6, has been purchased by Bank of Oklahoma, Tulsa NA, according to Bradley A. Bergman, senior vice president of BancOklahoma Trust Co. in Oklahoma City.

Bank of Oklahoma, Tulsa, paid a premium to the Federal Deposit Insurance Corp., the receiver of the insolvent Enid bank, to manage 133 trust accounts, Bergman said Thursday.

The former Enid bank's trust accounts will be managed by BancOklahoma Trust Co. out of an office in downtown Enid, Bergman said. The Enid office will be located temporarily in the former First National Bank building until other office space can be leased downtown.

No "acceptable bid" was submitted last week for the purchase of the good remains of the former First National Bank & Trust Co. of Enid, which is being liquidated.

However, a non-conforming bid was made by First Interstate Bank of Oklahoma, NA, it was confirmed Thursday by Oklahoma Banking Commissioner Robert Y. Empie.

The former First National Bank & Trust Co. of Enid had total deposits of $91.2 million in 18,000 accounts, when it failed last Thursday. That amount included about $1.4 million in 64 accounts, which exceeded the FDIC insurance limit of $100,000.

However, all trust assets of the former Enid bank are fully protected, even those above the federally insured $100,000 level, Bergman said.

State and federal regulations protect deposits in trust accounts in which the bank is trustee, with fiduciary discretion to invest the funds, and such funds are fully collateralized by marketable securities. …

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