Washington – The First National Bank of Lindsay, Oklahoma, met its demise today as the Office of the Comptroller of the Currency (OCC) closed its doors. In a move to safeguard depositors, the Federal Deposit Insurance Corporation (FDIC) stepped in and inked a purchase and assumption agreement with First Bank & Trust Co., Duncan, OK.
The lone branch of The First National Bank of Lindsay will reopen as a First Bank & Trust Co. location on October 21, 2024, ensuring uninterrupted service for its customers. All insured deposits will remain under the FDIC’s watchful eye, eliminating the need for depositors to alter their banking arrangements.
Customers can access their funds over the weekend by writing checks or using ATM and debit cards. Loan repayments should continue as scheduled. The FDIC estimates that 50 percent of uninsured funds will be accessible on October 21, with potential increases as assets are sold off.
As of June 30, 2024, The First National Bank of Lindsay held $107.8 million in total assets and $97.5 million in deposits. An estimated $7.1 million exceeded FDIC insurance limits, a figure expected to shift as the FDIC gathers more information.
Account holders with deposits exceeding $250,000 are advised to contact the FDIC at 1-866-314-1744 to arrange an appointment for deposit discussions. The line will be open from 9:00 p.m. Central Time (CT) this evening until Monday from 8:00 a.m. to 8:00 p.m. CT.
First Bank & Trust Co. has committed to assuming insured deposits at a 6.67 percent premium and purchasing around $20 million in the failed bank’s assets, with the FDIC retaining the remainder for future disposition. The failure is expected to cost the Deposit Insurance Fund (DIF) approximately $43 million.
The First National Bank of Lindsay’s collapse marks the second banking failure this year in the United States, following Republic First Bank’s closure in Philadelphia on April 26, 2024. Oklahoma last witnessed a bank failure with The Freedom State Bank’s shutdown in June 2014.
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