The First National Bank of Lindsay in Lindsay, Oklahoma, was closed Friday by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. As of June 30, the bank reported approximately $107.8 million in total assets and total deposits of $97.5 million. Approximately $7.1 million of the deposits exceeded FDIC insurance limits. The amount is likely to change once the FDIC obtains additional information from customers.
In a statement, OCC said it acted after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital. The agency has referred the matter to the Justice Department.
The FDIC entered into a purchase and assumption agreement with First Bank and Trust in Duncan, Oklahoma, to assume the insured deposits of The First National Bank of Lindsay. The sole office of The First National Bank of Lindsay will reopen as a branch of First Bank and Trust on Monday.
The FDIC will make 50% of uninsured funds available to depositors. The amount could increase as the FDIC sells the assets of the failed bank.
