AMERICAN BANK OF OKLAHOMA ANNOUNCES SETTLEMENT OF CLAIM MADE BY DEPARTMENT OF JUSTICE

COLLINSVILLE, Okla., Aug. 28, 2023 /PRNewswire/ -- American Bank of Oklahoma ("ABOK" or the "Bank") announced today that it entered into a settlement agreement with the U.S. Department of Justice to resolve the government's claim that the Bank had not adequately served the residential mortgage lending needs of residents in certain minority neighborhoods in the Tulsa market. ABOK denies the allegations but has agreed to resolve the matter to avoid the cost and distraction of protracted litigation. 

ABOK is a community bank with full-service branches in Collinsville, Disney, Muskogee, Ramona and Skiatook. ABOK Chairman and CEO Joe Landon, along with others, founded the Bank in 1998 with the mission of serving the banking and lending needs of residents and businesses in small rural communities in eastern Oklahoma. "I have been in banking for more than 50 years and seen the positive impact banks can have on families and businesses. When we founded this Bank 25 years ago, we had one goal in mind – helping members of the communities we serve achieve their financial and personal goals," said Mr. Landon. He added, "We go the extra mile for our customers, and that is what sets us apart from other banks."

As Oklahomans, we carry a profound sense of sorrow for the tragic events of the Tulsa Race Massacre over a century ago. It is with deep concern that we note the Justice Department's decision to reference this distressing historical event in its complaint against our bank, established a mere 25 years ago. ABOK stands as a small community bank, with $383 million in assets and constrained resources, endeavoring to maintain competitiveness within the City of Tulsa. Despite our limitations, we remain resolute in our commitment to expand lending initiatives and foster financial inclusivity for the residents of Tulsa.

ABOK intends to expand its current suite of deposit and lending products offered in Tulsa through its American Discovery^™ program by adding mortgage purchase and refinance products. The Bank will also be exploring ways to deepen and broaden its existing relationships with community partners in Tulsa, leveraging the new loan production office it intends to open. Financial education will be a key component of its new initiatives. ABOK has been an active supporter of schools in its communities and is a proud sponsor of financial education courses for students in north Tulsa public schools.

"We are excited about the opportunity to apply our community banking model in north and northeast Tulsa and look forward to expanding ways we can help members of the communities with their banking and lending needs," said Mr. Landon. 

American Bank of Oklahoma

Established in 1998, American Bank of Oklahoma operates as a local, full-service bank, making decisions at the community level. Its mission focuses on assisting residents in establishing homes, saving for the future and fostering local business growth. With insurance, group benefits and mortgage lending services, it is a cornerstone in eastern Oklahoma, managing over $383 million in assets among six branches.

SOURCE American Bank of Oklahoma