Oklahoma bank fails, closed by federal agency
Oklahoma bank fails, closed by federal agency
The Office of the Comptroller of Currency closed a Lindsay bank on Friday due to “false and deceptive bank records” suggesting fraud.
Updated: 4:53 PM CDT Oct 19, 2024
The Office of the Comptroller of Currency closed a Lindsay bank on Friday due to “false and deceptive bank records” suggesting fraud.Get the latest news stories of interest by clicking here.The agency on Friday appointed the Federal Deposit Insurance Corporation as receiver for the First National Bank of Lindsay, according to a news release.The OCC reported the bank was in “an unsafe or unsound condition to transact business” and that the bank’s assets were less than its obligations to creditors and others. As of June 30, the bank reported about $108 million in total assets.The FDIC “entered into a purchase and assumption agreement with First Bank & Trust Co.” of Duncan to assume the insured deposits of the failed bank, according to a news release.The bank will assume insured deposits for a 6.67% premium and will also purchase about $20 million of the failed bank’s assets, according to the news release.>> Download the KOCO 5 AppThe FDIC reported the Lindsay bank would reopen on Monday and deposits would continue to be insured by the FDIC so there was “no need for customers to change their banking relationship to retain their deposit insurance coverage.”“As of June 30, 2024, The First National Bank of Lindsay reported total assets of $107.8 million and total deposits of $97.5 million. Approximately $7.1 million of the deposits exceeded FDIC insurance limits; this amount is likely to change once the FDIC obtains additional information from customers. Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-314-1744 to set up an appointment to discuss their deposits,” FDIC officials wrote in a news release. FDIC officials reported the last bank failure in Oklahoma was the Freedom State Bank in June 2014.Top HeadlinesOklahoma City store clerk found dead by customer, few details releasedButterball is making the worst part of cooking a Thanksgiving turkey much easierPolice: Homicide detectives respond to death investigation in northwest OKCDeath of volunteer Oklahoma firefighter leaves station devastatedWitness describes ‘frantic’ moments suspect ran into Quail Spring Mall after chase
The Office of the Comptroller of Currency closed a Lindsay bank on Friday due to “false and deceptive bank records” suggesting fraud.
Get the latest news stories of interest by clicking here.
The agency on Friday appointed the Federal Deposit Insurance Corporation as receiver for the First National Bank of Lindsay, according to a news release.
The OCC reported the bank was in “an unsafe or unsound condition to transact business” and that the bank’s assets were less than its obligations to creditors and others. As of June 30, the bank reported about $108 million in total assets.
The FDIC “entered into a purchase and assumption agreement with First Bank & Trust Co.” of Duncan to assume the insured deposits of the failed bank, according to a news release.
The bank will assume insured deposits for a 6.67% premium and will also purchase about $20 million of the failed bank’s assets, according to the news release.
The FDIC reported the Lindsay bank would reopen on Monday and deposits would continue to be insured by the FDIC so there was “no need for customers to change their banking relationship to retain their deposit insurance coverage.”
“As of June 30, 2024, The First National Bank of Lindsay reported total assets of $107.8 million and total deposits of $97.5 million. Approximately $7.1 million of the deposits exceeded FDIC insurance limits; this amount is likely to change once the FDIC obtains additional information from customers. Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-314-1744 to set up an appointment to discuss their deposits,” FDIC officials wrote in a news release.
FDIC officials reported the last bank failure in Oklahoma was the Freedom State Bank in June 2014.
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