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.
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