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Sun May 1, 2011

Tulsa Bank

Tulsa, OK – Okla bank no longer faces cease-and-desist order

(Information in the following story is from: Tulsa World, http://www.tulsaworld.com)

TULSA, Okla. (AP) A Tulsa bank no longer faces a cease-and-desist consent order.

The Tulsa World reports that the Federal Deposit Insurance Corp. has terminated the order filed a year ago against American State Bank. The order termination is dated March 30, but was made public Friday. Calls to American State Bank are now referred to Peoples Bank. Executives with that bank didn't return calls seeking comment.

According to American State Bank's website, the bank stopped servicing customers' deposits and loans after Feb. 11 and transferred those to Peoples Bank.

The FDIC and state also terminated a consent order against First State Bank of Camargo on Dec. 21. The insolvent bank was closed in January and it entered into a purchase agreement with Bank 7 in Oklahoma City to assume all deposits.