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Article: FDIC EXPECTS SIZEABLE CONTINGENT LIABILITIES FROM FAILED NORMAN BANK / UNINSURED DEPOSITORS WOULD BE PREFERRED CREDITORS IF ACQUIRED
- Article from:
- THE JOURNAL RECORD
- Article date:
- June 3, 1986
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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Uninsured deposits of the failed First National Bank in Norman were
not included in assets purchased by Liberty Nationa l Bank and Trust
Co. of Oklahoma City, because the Federal Deposit Insurance Corp.
forsees sizeable contingent liabilities in connection with the Norman
bank, it was reported Monday.
The uninsured deposits totaled $508,000 in 85 accounts, the FDIC
reported.
Since there is no federal depositor preference statute governing
failed national banks, uninsured depositors would have become a
preferred class of creditors against the Norman bank receivership,
said Oklahoma Banking Commissioner Robert Y. Empie.
"If they pay off the uninsured depositors," said Empie, "the
courts have ...