Officials say Oklahoma banks are solid
Bank failures are expected in several states, but Oklahoma Banking Commissioner Mick Thompson said state banks, for the most part, stayed away from the subprime mortgage market, blamed for much of the country's economic upheaval.
Widespread bank failures are expected in states like California, Florida and Nevada, stemming from bad loans and declines in the housing market. Housing prices are still climbing, however, in Oklahoma, which had its share of bank failures in the 1980s after oil prices plummeted.
Now, Thompson said, "Oklahoma banks are well capitalized and well managed and they were not involved in the subprime market to any degree.
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