Olney Unveils a 2nd Okla. Bank Deal

Published October 26, 2006, 1:00 a.m. EDT

Updated October 25, 2006, 7:21 p.m. EDT

1 Min Read

Olney Bancshares Inc. in Olney, Tex., has struck its second deal for an Oklahoma bank, and it said this one would push its assets over $1 billion.

Processing Content

The $941 million-asset, multibank holding company announced plans Wednesday to buy the $160 million-asset InterBank of Elk City, Okla. It did not disclose a deal price or say when the sale would close.

InterBank, founded in 1901, has four branches -- in Elk City, Clinton, Hobart, and Sayre. It focuses on commercial real estate and mortgage lending and through June 30 had a 26.76% return on average equity, according to the Federal Deposit Insurance Corp., well above the industry average.

Olney moved into Oklahoma last year with the purchase of the $406 million-asset Rose Rock Bank in Oklahoma City.

MORE FROM AMERICAN BANKER

Artificial intelligence

Automating grunt work is still agentic AI's sweet spot

Bankers and tech executives at SAS's annual conference said agentic AI is still in the "terrible twos" stage and requires human supervision.

By Suman Bhattacharyya
Freelance journalist

22m ago
Employment data

Economy added 115,000 jobs in April despite mixed signals

Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.

By Ebrima Santos Sanneh
Reporter

2h ago
Community banking

Georgia bank saw increase in problem SBA loans before it failed

Almost 60 SBA loans originated by Community Bank & Trust — West Georgia were classified as noncurrent, according to Small Business Administration records. Last week, Community became the second U.S. bank to fail in 2026.

By John Reosti
Reporter

5h ago
Tokenization

Fed's Cook: Tokenization won't replace traditional finance

Federal Reserve Gov. Lisa Cook said Friday that she believes tokenization could improve efficiency across the financial system, including faster settlement times and more effective recordkeeping. But those advantages will take place within traditional finance rather than supplanting it, she said.

By Maria Volkova
Reporter

5h ago
Nonbank

Treasury meets with life insurers to discuss private credit

The Treasury Department held a high-stakes huddle with state insurance officials to discuss risks associated with the rapid growth of private credit in the economy and whether those investments could pose systemic vulnerabilities.

By Kate Berry
Reporter

May 7
Artificial intelligence

US Bank, CoBank, Rocket share AI use cases at AWS event

The lenders' examples of using generative artificial intelligence were more practical than transformational, but in any case data challenges represent a common problem.

By Penny Crosman
Executive Editor, Technology at Arizent

May 7