Get this: Bank Closure in Kingfisher Oklahoma (This is my hometown):

[YellowRubberDuckie]

http://newsok.com/kingfisher-bank-fails-will-become-fm-unit/article/3682786

KINGFISHER — State banking regulators closed First Capital Bank of Kingfisher on Friday, but the bank will reopen Saturday as a branch of F&M Bank of Edmond.

“The bank was closed due to exhaustion of capital funds as a result of significant loan losses,” Oklahoma Banking Commissioner Mick Thompson said in a statement issued by the agency.

F&M Bank agreed to pay a premium of 7.65 percent to assume First Capital’s $46.1 million in assets. The Oklahoma Banking Department in an emergency meeting Friday appointed the Federal Deposit Insurance Corp. as receiver of the bank.

The bank’s assets plummeted to $46.1 million on March 31 from $119 million a year earlier. First Capital recorded a net loss of $573,000 in the first three months of this year, compared to a net loss of $126,000 in the same period last year.

The bank, which has 15 employees, was struggling with problem loans and its capital situation had deteriorated, according to its latest quarterly report filed with regulators.

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Funnily enough, this is the SECOND bank closure for the guy who ran this bank. AND he's the mayor of Kingfisher. A republican. I don't know about you, but if I found out a closed bank was ran by the guy running our town, I'd think City Hall needed to be cleaned out.
Duckie

[geckosfeet]

1. Something is fishy in Kingfisher.

Funnily enough, this is the SECOND bank closure for the guy who ran this bank. AND he's the mayor of Kingfisher. A republican. I don't know about you, but if I found out a closed bank was ran by the guy running our town, I'd think City Hall needed to be cleaned out.

I would agree with you. And two failed banks for one owner sounds like gross mismanagement - or something more nefarious.

[Ikonoklast]

3. Another 'job creator'.

Looks like he created jobs for attorneys, forensic accountants, federal regulatory employees...

[sendero]

5. Hee hee...

.. you got it!

[Berlin Expat]

2. Sounds to me like

the Mayor (Hizzhonor) shouldn't be allowed 1000 miles of any financial institution anywhere on the planet.

When I first read this, my initial though was, "Who's your mayor; Boss Hogg?" But then again, Boss Hogg may have been corrupt as hell, but at least he was more-or-less fiscally competent. And from I remember of the old Dukes of Hazzard TV show, Boss Hogg was indeed a greedy S.O.B., but at his core he had a conscience.

[YellowRubberDuckie]

7. Yeah, Boss Hogg had business sense.

This guy really doesn't. My mom went to school with the guy. They all get into City Hall, lose all their money in whatever schemes and conflicts of interest they can find and then they vote them in for another term. I don't know what these people are thinking.

[KharmaTrain]

4. Damn That Federal Government Stepping In...

...and insuring all that money. Heck, if this were the rushpublican/libertarian utopia we'd let the bank go down...teach those greedy investors a lesson in raw capitalism.

Amazing how those who so hate the federal government go running to them the moment they're in trouble.

Fortunately we have an FDIC that can prevent banks from collapsing and depositors losing all their savings but thanks to rushpublican obstructionism we'll never get any accountability as to who gambled away all that money.

[SnowCritter]

6. Not so amazing, really

I would be surprised if the greedy fuckers *didn't* go running to the government the moment they're in trouble. Oh, they may rail against the government and put on a big show about how everyone should be "responsible", but it's just a sham. When push comes to shove they'll be elbowing more deserving folk out of line so they can be at the head of the line with their hands out.