State Banking Board Approves 50% Reduction in 2023 Assessments
In accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies and to be a “Top Ten” state, the Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks. The 2023 assessment rate was discounted 50% for each bank with assets less than $1 billion and 25% for each bank with assets more than $1 billion.
During the meeting held November 16, State Banking Commissioner Mick Thompson explained how the Banking Department implemented several operational changes that have resulted in savings to the agency. He also stated that reducing agency assessments may help offset the cost of increased FDIC insurance premiums banks will begin paying next year.
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 banks.
Pictured above: members of the State Banking Board Sandy Bracken, First Liberty Bank; Tom Thompson, Lay Member; Bob Newcomb, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not shown: Dennis Brand, BancFirst