FIs closed: First National Bank of Davis, Davis, Oklahoma, USA
On Friday, 11 March 11, 2011, The First National Bank of Davis, Davis, Oklahoma was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pauls Valley National Bank, Pauls Valley, Oklahoma, to assume all of the deposits of The First National Bank of Davis.
The sole office of The First National Bank of Davis reopened under normal business hours beginning Saturday, March 12, as a branch of The Pauls Valley National Bank.
As of December 31, 2010, The First National Bank of Davis had approximately USD90.2 million in total assets and USD68.3 million in total deposits. In addition to paying a premium of 7.5% to assume all of the deposits of the failed bank, The Pauls Valley National Bank agreed to purchase approximately USD28.5 million of The First National Bank of Davis' assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD26.5 million.
The First National Bank of Davis is the 24th FDIC-insured institution to fail in the USA this year and the second in Oklahoma.
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