Decisions on Bank Applications
First State Bank
FEDERAL DEPOSIT INSURANCE CORPORATION
RE: First State Bank Harrah, Oklahoma
Application for Consent to Merge and for Consent to Establish a Branch and for Consent to Interchange and Redesignate the Main Office Location
ORDER AND BASIS FOR CORPORATION APPROVAL
The Bank Commissioner of the State of Oklahoma has advised the Federal Deposit Insurance Corporation ("Corporation") that Memorial Bank, Oklahoma City, Oklahoma ("Memorial"), an insured State nonmember bank with total resources of $50,712,000 and total IPC deposits of *$46,348,000, may be closed because of the bank's inability, due to its insolvent condition, to meet the demands of its depositors.
In anticipation of such closing, First State Bank, Harrah, Oklahoma ("Harrah"), an insured State nonmember bank with total resources of $125,132,000 and total IPC deposits of $92,453,000, has applied, pursuant to section 18(c) and other provisions of the Federal Deposit Insurance Act, for the Corporation's consent to merge, under the charter of Memorial and with the title of Harrah, with Memorial, for consent to establish the main office of Memorial as a branch of Harrah, and for consent to interchange and redesignate the present main office location of Harrah as a branch and the former main office of Memorial as Harrah's main office location.
Upon consideration of all relevant material, the Board of Directors of the Federal Deposit Insurance Corporation finds that the probable closing of Memorial requires it to act immediately and thus waives publication of notice of the proposed merger and dispenses with the solicitation of reports on the competitive factors involved in the proposed transaction from the Attorney General of the United States, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Office of Thrift Supervision.
Accordingly, IT IS HEREBY ORDERED, that the application be and hereby is approved, and the merger may be consummated immediately.
Dated at Washington, D.C., this 25th day of March, 1997.
BY ORDER OF THE BOARD OF DIRECTORS
Deputy Executive Secretary
* Financial data as of December 31, 1996.