THE BANK OF RED OAK Failed 1983
What happened
THE BANK OF RED OAK of RED OAK, OK was closed on 1983-12-16. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FARMERS STATE BANK (QUINTON, OK). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 840
- FDIC Certificate
- 431
- FDIC FIN
- 2368
- Bank name
- THE BANK OF RED OAK
- Location
- RED OAK, OK
- Failure date
- 1983-12-16
- FDIC resolution date
- 1983-12-16
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $3M
- Deposits at failure
- $10M
- Assets at failure
- $11M
- Acquiring bank
- FARMERS STATE BANK (QUINTON, OK)
Other banks FARMERS STATE BANK acquired in FDIC resolutions