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Business and Economy

Oklahoma Banks See 10 Percent Increase In Profits

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Oklahoma banks have seen a 10 percent increase in profits, earning a record $1.3 billion in 2014 despite the decrease in the number of banks in the state.

The Oklahoman reports that the profits are a sign of improvement for banks after the near economic collapse, according to Roger Beverage, CEO of the Oklahoma Bankers Association.

The record earnings have occurred at a time when many banks have been consolidated in the state. The number of FDIC-insured banks in Oklahoma has fallen from 362 in 1994 to 221 in 2014. Several larger banks have acquired smaller banks leading them to reap local profits.

Nationally, bank earnings dropped 7.3 percent in the fourth quarter.

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