WASHINGTON (AP) - Regulators have closed a small bank in Oklahoma, the eighth bank failure of 2011 following last year's toll of 157 taken down by the weak economy and piles of soured loans.
The Federal Deposit Insurance Corp. on Friday took over First State Bank of Camargo, Okla., with $43.5 million in assets. Bank 7, based in Oklahoma City, agreed to assume the assets and deposits of the failed bank.
The failure of First State Bank is expected to cost the deposit insurance fund $20.1 million.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.