A method is provided for equalizing OFDM symbol vectors received on AM in-band on-channel radio signal including a main carrier and first and second BPSK modulated subcarriers. The method comprises the steps of: computing a BPSK magnitude signal; filtering the BPSK magnitude signal; filtering complex samples received on the main carrier; using the filtered BPSK magnitude signal and the filtered complex samples received on the main carrier to compute a plurality of flat fade equalization coefficients; and multiplying the OFDM symbol vectors by the flat fade equalization coefficients. A receiver that includes an equalizer, which operates in accordance with the method is also provided.