An Oklahoma company’s proprietary online auction system is helping Ukraine eat through its mountain of nonperforming bank loans,

An Oklahoma company’s proprietary online auction system is helping Ukraine eat through its mountain of nonperforming bank loans, reports The Wall Street Journal. Oklahoma City’s First Financial Network, run by John and Bliss Morris, veterans of the US Federal Deposit Insurance Corp., is helping Ukraine’s Deposit Guarantee Fund sell leftovers from the 2014-2015 banking crisis. That crisis forced half of the nation’s banks into bankruptcy. Today, the banking system has an NPL rate of 51%, largely in state banks. Last month, First Financial auctioned off 290 nonperforming loans collateralized by real estate, vehicles, and equipment. With a face value of $416 million, this portfolio sold for $3.5 million, less than one cent on the dollar.