WASHINGTON – The First National Bank of Lindsay, Lindsay, Okla., has been closed by the Office of the Comptroller of the Currency (OCC), with the Federal Deposit Insurance Corporation (FDIC) stepping in as receiver. The FDIC has entered into a purchase and assumption agreement with First Bank & Trust Co. Duncan, Okla., 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 & Trust Co. during its normal business hours on Monday, October 21, 2024. Depositors of the failed bank will automatically become depositors of First Bank & Trust Co. The insured deposits assumed by First Bank & Trust Co. will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
All customers of The First National Bank of Lindsay will have access to their insured deposits. Over the weekend, customers of The First National Bank of Lindsay can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Additionally, based on the estimated recoveries of the failed bank assets, the FDIC will make 50 percent of uninsured funds available to those depositors on Monday, October 21, 2024. This amount could increase as the FDIC sells the assets of the failed bank.
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. This phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m., CT; on Sunday from 12:00 p.m. to 6:00 p.m., CT; Monday from 8:00 a.m. to 8:00 p.m., CT; and thereafter from 9:00 a.m. to 5:00 p.m., CT.
Related Federal Cases
- FDIC Approves Erebor Bank Deposit Insurance, No Crime Found, Ohio, … · Virginia
- FDIC Unveils Hidden Depths of Bank Deposits, Washington DC, 2025 · Washington
- Federal Reserve Board and FDIC, Bank Resolution Plans Released, Was… · Washington
- Comptroller Goulds Bank Regulatory Loopholes, Washington D.C., 2023 · Ohio
- OCC Officials Criticized for Ineffectual Bank Fraud Prevention, Was… · Virginia
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
ðŸâ€ÂÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Federal Districts →All Districts →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News