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Article: FORGAN BANK CLOSED TO BEAT JUDGMENT
- Article from:
- THE JOURNAL RECORD
- Article date:
- June 1, 1989
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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To beat a monetary judgment against the First State Bank of
Forgan, and to assure a buyer for its assets, Oklahoma Banking
Commissioner Wayne Osborn closed the bank Wednesday.
About $10.3 million of the failed bank's assets were sold to The
Bank of Beaver City, which plans to reopen the Forgan bank office as
a branch today.
"The (failed) bank has a judgment rendered against it out of a
Texas court," Osborn said. "We were afraid that they might attach
some of the bank's assets (for payment of the lien)."
The Forgan bank faced a $376,000 judgment, plus interest
accruing at 10 percent since December 1986.
"We thought we had a buyer for the bank, but if we waited and
let them put a ...