Oklahoma City’s Frontier State Bank challenges FDIC claims
July 6, 2009
By MoneyAisle
According to Oklahoma News, a bank located in Oklahoma City is challenging federal regulators after claims from the FDIC that Frontier State Bank “operates its leveraged assets program in an unsafe manner.”
The FDIC wants the bank to change its business practices. According to the bank’s attorney, Joshua Bock, the case is somewhat unusual because “most banks simply sign off on FDIC orders and move on rather than risk upsetting shareholders with a potentially costly legal fight.”
However, the bank only has a single shareholder: Joseph D. Mckean Jr., who also serves as the bank’s chairman.