BancOklahoma In Bankruptcy
TULSA, Okla. - BancOklahoma Corp., the former holding company for Bank of Oklahoma, said it has filed a petition for relief and a plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.
BancOklahoma said the filing, in Tulsa bankruptcy court, does not affect Bank of Oklahoma, which it no longer controls, nor any of the bank's customers. The reorganization plan is intended to resolve BancOklahoma's outstanding debt, owed primarily to the bank.
Under the plan, BancOklahoma said Bank of Oklahoma and other creditors would get shares of a new class of common stock in BankOklahoma.
Current Holders Wiped Out
BancOklahoma said that, under the plan, the stock of its current shareholders would be canceled. Shareholders approved the filing at a special meeting Aug. 29, the company said.
BancOklahoma said it lost control of Bank of Oklahoma June 7 when BOK Financial Corp., headed by Tulsa businessman George Kaiser, acquired preferred stock from the Federal Deposit Insurance Corp. for about $60 million. The bank, a beneficiary of the FDIC's open-bank assistance program, is the largest in Oklahoma, with $1.8 billion in assets.
BankOklahoma said its bankruptcy filing was part of a reorganization agreement to which it, BOK Financial, and Mr. Kaiser have subscribed.