Oklahoma banking commissioner Mick Thompson has closed The Freedom State Bank in Freedom.
The state banking department says the bank was closed at 4 p.m. Friday due to exhaustion of capital funds and that the Federal Deposit Insurance Corporation has reached an agreement with Alva State Bank & Trust Company to take the deposits and some assets of the bank.
The Freedom State Bank will reopen Monday as a branch office of Alva State Bank & Trust Company and all depositor accounts will continue to be insured by the FDIC.
Depositors of The Freedom State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on The Freedom State Bank will be processed and loan customers should continue to make their payments as usual.
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