Oklahoma City, OK – Officials say Oklahoma banks are in good shape and will not be significantly affected by the credit crisis that led to the bankruptcy of Lehman Brothers.
Oklahoma Banking Commissioner Mick Thompson says state banks are diversified and were not heavily involved in the subprime mortgage market, which led to problems in other states.
Officials say the state's economy is strong, fueled by high oil and natural gas prices. They point to higher tax collections and high employment as evidence that Oklahoma is escaping problems that have hit the national economy.
Widespread bank failures are expected in some states, stemming from bad loans and declines in the housing market.
Housing prices are still climbing in Oklahoma, which had its share of bank failures in the 1980s after the collapse of oil prices.