Does anyone have experience with BancFirst Trust Department Mineral Management? Are you pleased? Are they quality services? Responsive and reliable?
Never allow a bank to manage anything. Banks are constantly selling and changing management. If a bank is taken over by the FDIC then your interest is in big trouble.
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The assets being managed are not part of the assets of the bank and the FDIC can’t take them. That being said, I wouldn’t have a bank manage any assets, but some folks absolutely don’t want to hassle with managing mineral interests. There a lot of banks, but not all, that know less about the O&G business than even the novice mineral owner.
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You may want to consider a certified mineral manager. Search National Association of Royalty Owners to learn more.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
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Exactly! I would NEVER let a Bank have anything to do with managing any kind of estate! I had an old man tell me when I was in my early 20’s that deal with trust is something he would not do. He said “To Trust is to Bust”!
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Mineral owner5, your post about the FDIC taking over a bank puts your interest at risk is not correct and is not true. Do you have a legal case that says this?
Of course he doesn’t.
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When a bank fails the FDIC, if it is a National Bank, takes over and tries to manage it assets. I have had to deal with this in two separate instances when banks started failing in the late 80’s and 90’s. If you owed the bank money you had to pay the FDIC or the receiver’s. That’s a “mess” no one should have to deal with.
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