First Oklahoma temporarily suspended payments.
The company said it has temporarily suspended principal and interest payments on more than $130 million of its debt after the recent failure of its main bank unit, First National Bank & Trust of Oklahoma City. First Oklahoma Bancorp said it will assess its financial condition. First National Bank was closed July 14 in the second-largest commercial bank failure in history. First Oklahoma’s new chairman, James Tolbert, said a meeting of creditors will be held Aug. 5 to consider options for the company’s restructuring.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
