The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks. This action is in accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies. The 2022 assessment rate was discounted 40% for each bank with assets less than $1 billion and 20% for each bank with assets more than $1 billion.
During the meeting held November 17, State Banking Commissioner Mick Thompson explained how the Banking Department implemented several operational changes over the past 18 months that have resulted in savings to the agency. The Banking Department has recommended a discount to bank assessments each year for the past decade. During that time, Oklahoma state-chartered banks have saved over $20 million in assessments through discounts approved by the State Banking Board. The Banking Department has used the assessment discount as an opportunity to reduce regulatory burden on state-chartered.
Pictured below: members of the State Banking Board Sandy Bracken, First Liberty Bank; Tom Thompson, Lay Member; Bob Newcomb, Bank of Western Oklahoma; Dennis Brand, BancFirst; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank.
