Federal and state regulators have ordered a struggling Oklahoma banking company to collect its overdue loans and stop lending to anyone classified as a "substandard" borrower.

The chairman of Cleveland, Okla.-based Heritage Bancorp says he has no choice but to sell the company, which has been in his family since the 1920s, because many of the customers in the town of 3,200 don't meet the new standard.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.