 State Banking Board Approves Reduction in 2020 Assessments
In furtherance of the “Top Ten State” initiatives pursued by Governor Kevin Stitt, State Bank Commissioner Mick Thompson announced this week that the Oklahoma State Banking Board approved the Commissioner’s recommendation to discount the assessments paid by Oklahoma state-chartered banks. This year’s discount is 20% for each bank with assets less than $1 billion and 10% for each bank with assets more than $1 billion. The Commissioner presented a proposed agency budget to the Board that reflected how the Department can continue its efficient operation with the discount to assessments.
When combined with previous reductions, Oklahoma state-chartered banks have saved over $14 million in assessments during the past nine years. The Banking Department has used the assessment discount as both an opportunity to reduce regulatory burden on state-chartered banks as well as an endorsement of Governor Stitt’s fiscal responsibility initiatives for state agencies.
Pictured Above: The State Banking Board Members
Seated: Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Standing: Sandy Bracken, First Liberty Bank; Tom Thompson, Lay Member; Bob Newcomb, Bank of Western Oklahoma; and Dennis Brand, BancFirst
Please Note:
The email address from which this communication was sent is not monitored for responses. You may send responses to regina.rainey@banking.ok.gov instead. Thank you.
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