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10/21/24, 8:55 AM

Oklahoma bank fails amid claims of 'false and deceptive bank records' | American Banker

WASHINGTON — The First National Bank of Lindsay in Lindsay, Okla., was shuttered by the Office of the Comptroller of the Currency and taken over by the Federal Deposit Insurance Corp. on Friday.

First Bank & Trust Co. in Duncan, Okla., assumed the First National Bank of Lindsay's insured deposits. The only office of the First National Bank of Lindsay will resume normal business hours as a branch of First Bank & Trust Co. on Monday.

The OCC closed the bank "after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank's capital," the agency said in a press release.

"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," the regulator said.

The OCC is also referring the issue to the Department of Justice, "which has a wide variety of tools to hold individuals accountable for criminal acts and focuses on victims in all of its matters."

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The agency provided no further details.

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