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10/21/24, 8:55 AM

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

"The OCC does not comment on bank closings beyond what is available on our website," Stephanie Collins, a spokesperson for the OCC, said in a statement.

The FDIC will make 50% of uninsured funds available to depositors on Monday, the FDIC said. That amount could increase as the FDIC sells the remaining assets of the bank.

The failure is an outsized hit, compared to the size of the bank, to the FDIC's Deposit Insurance Fund — the pot of money that banks pay into to resolve failed banks. The agency projects that the failure will cost the DIF $43 million, although that estimate could change over time as assets are sold, the FDIC said.

The First National Bank of Lindsay previously reported assets of $107.8 million. Deposits totaled $97.5 million, and around $7.1 million of those deposits exceeded FDIC insurance limits, the agency said.

That amount could change as the agency receives additional information from customers, the FDIC said.

First Bank & Trust Co. has assumed the failed bank's insured deposits for a 6.67% premium and will buy about $20 million of its assets.

The potential hit to the DIF comes at a sensitive time for the FDIC.

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