Arvest Bank opts out of Treasury’s capital purchase program
(Excerpt:) Arvest, Oklahoma’s third-largest bank based on deposits, is the latest local banking operation to announce that it will not participate in the Capital Purchase Program. Bank of Oklahoma, the state’s largest deposit-holder, and BancFirst, the third-largest bank, earlier said their strong capitalization would allow them to defer capital infusion from the Treasury.
Southwest Bancorp, parent of the state’s seventh-largest bank, Stillwater National Bank & Trust, will participate in the Treasury program.
However, Arvest will participate in the Temporary Account Guaranty Program, which provides full FDIC deposit insurance protection for noninterest-bearing accounts and for some deposit accounts that pay less than 0.5 percent interest, Sabin said. The expanded FDIC coverage will extend through Dec. 31, 2009.
Have Fun With That, Donnie!
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