Wednesday, October 20, 2021

Emergency closing requirements for state-chartered banks highlighted by State Banking Department

Section 603 of the Oklahoma Banking Code provides authority to the officers of a bank or credit union to close the institution (or one or more of its facilities) when an emergency exists – which could include the upcoming winter storm.

Notice must be given to the Oklahoma State Banking Department when the bank decides to close because of an emergency. Also, the state banking commissioner’s approval is required if the institution or facility remains closed longer than 48 hours (excluding Monday’s upcoming holiday).

In other words, a bank can close one or all its facilities on Tuesday and Wednesday next week with just a notice to the Department – but would need approval to be closed longer.

You can view Section 603 of the Oklahoma Banking Code by clicking here.

As for hours of operation, the institution can change them (close early or open later) without prior notice to, or approval from, the Banking Department.

If you have any questions, the contact information for the Banking Department is below:

Oklahoma State Banking Department
2900 N. Lincoln Blvd.
Oklahoma City, OK 73105
Main Office: 405-521-2782
Fax: 405-522-2993