Oklahoma Bank Consolidates Charters
by February 21, 2011 12:00 am 101 views
Tulsa-based BOK Financial Corp., the holding company for several banks across the mid-south, collapsed its seven separate charters at the beginning of the year. Bank of Arkansas NA, which previously had a charter in Fayetteville, is now part of the Tulsa charter.
Jeff Dunn, president of Bank of Arkansas, said it was a move to improve efficiencies and administrative costs and that customers won’t see any significant changes.
“It was always important to us to operate under different names,” he said, and it still is, as the marketing in each state will remain the same.
Numbers for the bank will now be reported from the corporate level, so rankings for Bank of Arkansas on metrics like return on assets and return on equity will be skewed somewhat. Deposit market share numbers will still be available by county every year.
The Bank of Arkansas closed 2010 with a total of $1.06 million in net income.
BOKF had assets of $27.3 billion and total deposits of $16.9 billion at the end of the third-quarter, according to the Federal Deposit Insurance Corp.