Bank Failure #2 in 2014: The Bank of Union, El Reno, Oklahoma - InvestingChannel

Bank Failure #2 in 2014: The Bank of Union, El Reno, Oklahoma

From the FDIC: BancFirst, Oklahoma City, Oklahoma, Assumes All of the Deposits of The Bank of Union, El Reno, Oklahoma

As of September 30, 2013, The Bank of Union had approximately $331.4 million in total assets and $328.8 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $70.0 million. … The Bank of Union is the second FDIC-insured institution to fail in the nation this year, and the first in Oklahoma.

This is a fairly large loss for the DIF.

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