Friday, June 27, 2014

Bank Failure #12 in 2014: The Freedom State Bank, Freedom, Oklahoma

by Calculated Risk on 6/27/2014 05:30:00 PM

From the FDIC: Alva State Bank & Trust Company, Alva, Oklahoma, Assumes All of the Deposits of The Freedom State Bank, Freedom, Oklahoma

As of March 31, 2014, The Freedom State Bank had approximately $22.8 million in total assets and $20.9 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.8 million. ... The Freedom State Bank is the 12th FDIC-insured institution to fail in the nation this year, and the second in Oklahoma.
There have been 12 failures so far in 2014, half the 24 failures in 2013. So it is possible there will be more failures this year than in 2013.