Bank Fail Friday! First National Bank of Lindsay closed by OCC, FDIC appointed as receiver.

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TLDRS:

  • The First National Bank of Lindsay was closed by the Office of the Comptroller of the Currency (OCC), and the FDIC was appointed as receiver, transferring insured deposits to First Bank & Trust Co. of Duncan, Okla.
  • The bank will reopen as a First Bank & Trust Co. branch on October 21, 2024, with depositors automatically becoming customers of the new bank, retaining FDIC insurance.
  • Customers will continue to have access to their funds over the weekend via ATMs, debit cards, and check processing, with loan payments also proceeding as normal.
  • The FDIC will provide 50% of uninsured deposits starting Monday, with potential increases as assets are sold.
  • As of June 2024, the bank had $107.8 million in assets and $97.5 million in deposits, with approximately $7.1 million exceeding FDIC insurance limits.
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Source: https://fdic.gov/news/press-releases/2024/first-bank-trust-co-duncan-ok-acquires-insured-deposits-first-national

The OCC acted after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital.

The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others.

h/t Dismal-Jellyfish