Kingfisher -
A bank in central Oklahoma has been taken over by the state, the Oklahoma Banking Commissioner announced Friday.
First Capital Bank in Kingfisher was closed at 4 p.m. Friday, with Oklahoma State Banking Commissioner Mick Thompson citing "exhaustion of capital funds as a result of significant loan losses."
Simultaneous with the closing, the FDIC announced it reached a purchase and assumption agreement with F&M Bank, Edmond, Oklahoma, to assume all deposits of the bank and to purchase certain assets.
Those depositors of First Capital Bank will automatically become depositors of F&M Bank and can access their money by writing checks or using ATM or debit cards. Thompson says checks drawn on First Capital Bank will continue to be processed and loan customers should continue to make their payments as usual.
The drive-through service at First Capital Bank will continue through 5:30 p.m. Friday, June 8th, and will re-open as F&M Bank on Saturday at 8 a.m. The former main office lobby at First Capital will reopen on Monday.
Thompson says all depositor accounts will continue to be insured by the FDIC and that no depositor will be inconvenienced or suffer any loss of insured deposits.
This is the first bank in Oklahoma that has failed this year and the 25th in the nation.
