Newspaper article THE JOURNAL RECORD

Most of Heartland Assets Obtained by Omaha Thrift

Newspaper article THE JOURNAL RECORD

Most of Heartland Assets Obtained by Omaha Thrift

Article excerpt

By Nancy Raiden Titus

Journal Record Staff Reporter

Commercial Federal Bank FSB of Omaha, Neb., will receive the lion's share of the 15 branches and $739 million in deposits of Ponca City-based Heartland Federal Savings and Loan under a sale agreement announced Tuesday.

Commercial, which has offices in Seminole and Tulsa, will purchase 12 branches and $613.7 million in deposits. The locations include four in Oklahoma City and the main office in Ponca City.

Tulsa-based Bank of Oklahoma NA will purchase two Heartland branches, one in Edmond and one in Tulsa, and $90 million in deposits. The First National Bank and Trust Co. of Ponca City will acquire the Stillwater branch and $35 million in deposits.

Heartland's assets will be divided among six institutions, including Commercial Federal, Oklahoma City-based Local Federal Bank FSB and First National of Ponca City.

The sale is subject to regulatory approval and is expected to be completed in mid-October.

Heartland is the last government-owned thrift in Oklahoma. It was one of six "Oklahoma Plan" thrifts formed in 1988 when 14 savings and loans were closed by the Federal Home Loan Bank Board, the federal regulator that preceded the U.S. Office of Thrift Supervision.

Heartland was formed from the remains of Frontier Federal Savings and Loan Association. It has been receiving government assistance under an agreement made by the Federal Savings and Loan Insurance Corp., which itself became insolvent. That assistance will end when the sale is completed.

It was the last thrift administered by the Federal Deposit Insurance Corp. as the manager for the FSLIC Resolution Fund, established in 1989 to oversee contracts and liabilities of the defunct Federal Savings and Loan Insurance Corp.

Heartland has operated under a government-approved board of directors and managers from the private sector. The thrift has $886 million in assets. It lost $1.27 million for the first quarter and earned $9 million for the nine-month period which ended March 31. …

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