<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2Az1Ru_0wFq6it700" alt="https://img.particlenews.com/image.php?url=2Az1Ru_0wFq6it700" width="573" height="300" >The Office of the Comptroller of the Currency closed The First National Bank of Lindsay, Okla., on Oct. 18 after finding “false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital.”As of June 30, The First National Bank of Lindsey had $108 million in assets. Of the bank’s $97.5 million in deposits, $7.1 million allegedly exceeded FDIC insurance limits. “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,” according to the regulatory agency. The OCC appointed the FDIC as receiver. The bank reopened as a branch of First Bank &amp; Trust Co. on Oct. 21. The Duncan, Okla.-based bank agreed to assume the insured deposits for a 6.67 percent premium, and to assume approximately $20 million of the failed bank’s assets. The FDIC plans to retain the remaining assets for later disposition.The OCC is referring the failure to the U.S. Department of Justice. The failure is expected to cost the FDIC Deposit Insurance Fund $43 million.First National Bank of Lindsay was the second bank to fail this year, the first being Philadelphia-based Republic First Bank in late April. The last Oklahoma bank to fail was The Freedom State Bank in the summer of 2014. </div></body>

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Fraud suspected in Oklahoma bank failure

The Office of the Comptroller of the Currency closed The First National Bank of Lindsay, Okla., on Oct. 18 after finding “false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital.”. As of June 30, The First National Bank of Lindsey...