BancCentral National Association

Last updated

Central National Bank
Historic Central National Bank.jpg
This image is of the College Avenue facing (taken from the east side of the street camera facing the west) side of the Historic Central National Bank building in Alva, OK., Saturday, May 6, 2017. Currently this building houses the Sutter Law Office.
USA Oklahoma location map.svg
Red pog.svg
Usa edcp location map.svg
Red pog.svg
Location401 College Ave., Alva, Oklahoma
Coordinates 36°48′17″N98°39′1″W / 36.80472°N 98.65028°W / 36.80472; -98.65028
Built1901
Architectural stylePlains Commercial
MPS Territorial Buildings in Downtown Alva TR
NRHP reference No. 84000705 [1]
Added to NRHPJanuary 5, 1984

BancCentral National Association (formerly Central National Bank) [2] is a commercial bank based in Alva, Oklahoma. It was built in 1901 and was listed on the National Register of Historic Places in 1984. [1] It had been owned and operated by the Myers family since 1919.

Contents

History

The Alva National Bank was established in 1899. Officers of Alva National Bank in 1907 were George A. Harbaugh president, and J.H. Schaefer, vice president. During the years between 1907 and 1913, the Alva Security Bank purchased Alva National Bank with Harbaugh as bank president.

In August 1913, G.A. Harbaugh, E. Anderson, T.F. Fennessey and H.E. Noble, owners of Alva Security, organized a new banking institution under the name Central State Bank. The newly named bank continued to operate at the location of the former Alva Security Bank. Central State Bank was considered a "state bank," the deposits were insured by the Depositors Guaranty of the State of Oklahoma. On October 31, 1917, Central State Bank absorbed the Woods County Union Bank. Harbaugh and George Meade had controlling stocks of the Union Bank at that time.

In 1919, W.D. Myers purchased a large interest in the bank, becoming the President, a role he held until his death in 1951. [3] In 1951, Gertrude Myers became chairman of the board and CEO of the bank, and her brother, W.D. Myers, Jr., became President. W.D. served as President until his death in 1987. William R. Buckles was elected President of the bank, and was named CEO following Gertrude's death. At the time of Gertrude's death, L.W. became Chairman of the Board and served until his death.

The Woodward County branches of NationsBank were acquired by CNB on March 13, 1998. That bank had gone through a series of purchases and mergers beginning with the sale of the Bank of Woodward to Bank IV in Wichita, Kansas on May 28, 1993. Kyle D. Hughbanks was named President and CEO.

In 2009, the bank caused controversy by demolishing a parking garage that reportedly contained hundreds of bats, mostly Mexican free tail bats. [4]

In March 2012, the bank changed its name to BancCentral National Association (BancCentral, N.A). [2]

In March 2021, Office of the Comptroller of the Currency (OCC) placed a Consent Order on the bank for "engaging in unsafe or unsound practices". The OCC's charges specifically listed detailed charges involving management, board supervision, capital planning, and risk ratings. Additional charges involved loan reviews, allowance for loan and lease losses, and credit administration. The Consent order formally initiated cease and desist proceedings against the facility. [5]

On December 9, 2021, the board of directors signed the consent order, agreeing to implement a litany of OCC mandated changes to the bank's operations. [6]

Related Research Articles

<span class="mw-page-title-main">Richard Myers</span> US Air Force general and university administrator

Richard Bowman Myers is a retired four-star general in the United States Air Force who served as the 15th chairman of the Joint Chiefs of Staff. As chairman, Myers was the highest ranking uniformed officer of the United States military forces. He also served as the 14th president of Kansas State University from 2016 to 2022.

<span class="mw-page-title-main">Banking in the United States</span> Overview of the U.S. financial system

In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Office of the Comptroller of the Currency</span> American federal government organization

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu, who took office on May 10, 2021.

<span class="mw-page-title-main">Development Bank of the Philippines</span> Bank in the Philippines

The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines.

<span class="mw-page-title-main">Options Clearing Corporation</span> Financial services business

Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. Started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.

Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking, and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas.

Mountain National Bank was a bank headquartered in Sevierville, Tennessee. It was a subsidiary of Mountain National Bancshares, Inc., a bank holding company. The bank operated 12 branches in Sevier County and Blount County. In June 2013, as a result of bank failure, the bank was shut down by regulators and was sold to First Tennessee.

<span class="mw-page-title-main">BancFirst</span> Oklahoma-based bank

BancFirst Corporation is a corporation which operates under the name BancFirst, a state chartered bank in Oklahoma, United States. It has over 100 banking locations serving 60 communities throughout the state of Oklahoma, and is the Third largest Oklahoma based FDIC insured financial institution ranked by deposits in Oklahoma and also largest state chartered bank in Oklahoma.

Promontory Financial Group, a wholly owned subsidiary of IBM, is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.

<span class="mw-page-title-main">Bank examiner</span> Financial professional

A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely, in accordance with the bank regulations imposed on these institutions by the chartering level of government. In the United States, they may conduct supervision on behalf of a U.S. government agency, the Federal Reserve System, a state banking authority, or for the financial institutions themselves as internal auditors. The main duties of a bank examiner are to ensure that a bank's operations are legal and can provide financial stability. A bank examiner will also review financial statements, evaluate the level of risk associated with loans, and assess the management of a bank.

The independent foreclosure review was an initiative in the United States to attempt to provide aid to homeowners who had either received their Notice of Default, or were in danger of foreclosure in early 2010's. The review was initiated as a result of the Foreclosure Crisis of 2010. The Independent Foreclosure Review provided homeowners the opportunity to request an independent review of their foreclosure process. If the review found that financial injury occurred because of errors or other problems during their home foreclosure process, the homeowners could receive compensation or other remedy.

Far West Capital is a privately held custom financing company. The company has offices in Austin, Houston, Dallas, El Paso, Texas and Phoenix, Arizona.

Lone Star National Bank is a community bank with 33 locations in South Texas, United States, including the Rio Grande Valley and San Antonio, Texas.

<span class="mw-page-title-main">Alva, Oklahoma</span> City in Oklahoma, United States

Alva is a city in and the county seat of Woods County, Oklahoma, United States, along the Salt Fork Arkansas River. The population was 4,945 at the 2010 census. Northwestern Oklahoma State University is located in Alva.

The forex scandal is a 2013 financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates on the forex market for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $4.7 trillion per day foreign exchange market (forex) after Bloomberg News reported in June 2013 that currency dealers said they had been front-running client orders and rigging the foreign exchange benchmark WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmark rates are set. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.

<span class="mw-page-title-main">Joseph Otting</span> American businessman (born 1957)

Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27, 2017 to May 29, 2020.

Keith A. Noreika is an American lawyer who specializes in the regulation of financial institutions. He served as Acting Comptroller of the Currency from May 5, 2017, to November 27, 2017, following the 30th Comptroller of the Currency, Thomas J. Curry, and preceding the 31st Comptroller of the Currency, Joseph Otting. Noreika rejoined the law firm of Simpson Thacher on January 8, 2018. He joined Patomak Global Partners as Executive Vice President and Chairman of its Banking Supervision and Regulation Group on July 5, 2022.

<span class="mw-page-title-main">Brian P. Brooks</span> American government official (born 1969)

Brian P. Brooks is an American lawyer, banker, entrepreneur, technologist, and former government official. He served as Acting Comptroller of the Currency from May 29, 2020, succeeding the 31st Comptroller of the Currency Joseph Otting, until January 14, 2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency, once during the 116th Congress, and once in the 117th Congress.

References

  1. 1 2 "National Register Information System". National Register of Historic Places . National Park Service. March 13, 2009. https://npgallery.nps.gov/NRHP/GetAsset/NRHP/84000705_text
  2. 1 2 "CLOSED, MERGED, RENAMED AND RELOCATED BANKS OF OKLAHOMA" (PDF). Oklahoma Government. April 27, 2015. p. 5. Archived from the original (PDF) on August 8, 2012. Retrieved June 29, 2015.
  3. ↑ "Northwestern to dedicate Myers Stadium on April 17 | Northwestern Oklahoma State University". Nwosu.edu. April 8, 2010. Archived from the original on March 4, 2016. Retrieved June 29, 2015.
  4. ↑ "Alva Goes Batty Over Parking Garage Demolition - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |". News9.com. Retrieved June 29, 2015.
  5. ↑ Ashley Berends (March 18, 2022). "Board chair says BancCentral addressing issues in cease and desist order". Woodward News. Archived from the original on April 23, 2022. Retrieved April 23, 2022.
  6. ↑ "Consent Order AA-SO-2021-40" (PDF). Office of the Comptroller of the Currency. November 9, 2021. Archived from the original (PDF) on April 23, 2022. Retrieved April 22, 2022.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.