WASHINGTON Regulators on Friday closed Freedom State Bank, in Freedom, Okla., the 12th institution to fail this year.
The institution with nearly $23 million in assets was seized by the state's banking regulator, which appointed the Federal Deposit Insurance Corp. as receiver.
The FDIC announced a deal to sell all of the failed bank's $21 million in deposits to Alva State Bank & Trust Co. in Alva, Okla. The acquirer agreed to pay a 1% deposit premium and will also purchase about $17.7 million of Freedom State Bank's assets.
The failure, the second to occur in Oklahoma this year, is estimated to cost the Deposit Insurance Fund $5.8 million.