Among Friday’s quartet of bank failures were two financial institutions that survived the Great Depression, a bank that had been converted from a credit union and an $0.5 billion entity. The Oklahoma State Banking Department said that it closed down First Capital Bank. An “exhaustion of capital funds as a result of significant loan losses” was blamed for the failure. As is the case with all federally insured bank failures, the Federal Deposit Insurance Corp. was named receiver of the Kingfisher, Okla.-based financial institution. F & M Bank submitted the winning bid for First Capital, paying a hefty 7.65 percent premium to assume all of its $45 million in deposits as of March 31 and acquiring $41 million of its $46 million in total assets.
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