Rated by the FDIC. The bank behind me here is no longer Lindsay's First National Bank. All logos and ownership will change today. That's because a federal agency shut them down for false and false records suggesting fraud. I saw someone on Facebook and I was really shocked, really, really shocked, and it was really tragic. A bank that has been serving the Lindsay community for many years. I opened an account here when I was 15 years old. Lynn Scruggs here has had an account at First National Bank in Lindsay for 60 years. And today, he and many others in the city see the Federal Deposit Insurance Corporation, or FDIC, at work inside banks. If you look down into the parking lot, there's probably 50 or 60 people in the bank there. We're trying to get ready for that this morning so we can open at 9 a.m. Monday morning. I spoke with the FDIC today. Accounts under $250,000 will be fully insured. However, how much money people with assets of $250,000 or more will receive is still being considered. Granted, the bank doesn't have more than $250,000 in assets, but I'm sure there are people in the community who have more than that in the bank. And I imagine they're scratching their heads to see what happens. The bank is the second bank in the country to fail this year. The last bank to fail in Oklahoma was Freedom State Bank in 2014. The people of this town are resilient and we will get through it. For now, customers can still use checks and ATMs, but there may be more to this story. The federal agency that shut them down sent this to the U.S. Department of State.
News of Oklahoma bank failure, federal government shutdown shocks residents
Lindsay First National Bank has been shut down by a federal agency after allegations of fraud were announced, shocking residents.
The closure of Lindsay First National Bank by federal agencies shocked residents after allegations of fraud were announced. Click here to get the latest news articles that interest you. On Saturday, Federal Deposit Insurance Corp. employees were seen sorting inside the bank. “Prepared for reopening on Monday. The bank's location has changed logo and ownership and no longer bears its old name. The federal agency has identified false and false bank records suggesting fraud. We closed the bank on Friday because of what was described.'' I saw some of it on Facebook and it was really, really shocking,'' said Lynn Scruggs, a longtime Lindsay resident. “Scruggs has had an account at that bank for 60 years. On Saturday, he and many others in the Lindsay community witnessed FDIC agents swarming the bank. “Look at that parking lot over there. If you look, there's probably 50 or 60 people inside that bank this morning trying to sort things out.'' >> Download the KOCO 5 App KOCO 5 spoke with FDIC officials and found that under $250,000. said the account is fully insured, but they're still trying to figure it out. “I certainly don't have more than $250,000 in the bank, but I'm sure there are people in the community who have more than that in the bank.” They wonder what will happen. I think that's true,” Scruggs said. This is the second bank failure in the US this year. The last bank to fail in Oklahoma was Freedom State Bank in 2014. “The people of this town are resilient and we will get through this crisis,” Scruggs said. The bank is still operating under an agreement made with Daiichi Bank. Duncan Bank & Trust Co. and FDIC officials said customers will still be able to write checks and withdraw money at ATMs. The federal agency that shut down the bank mentioned that more developments are expected after the closure Top headlines Oklahoma bank collapses, federal agency Rossen closes Elderly Oklahoma City clerk killed by customer Discoveries, details of which have not been made public
Lindsay First National Bank has been shut down by a federal agency after allegations of fraud were announced, shocking residents.
Click here to get the latest news stories that interest you.
On Saturday, Federal Deposit Insurance Corp. employees could be seen inside banks preparing to reopen on Monday.
The bank's location no longer retains its old name, and its logo and ownership have changed.
Federal authorities shut down the bank on Friday, citing false and false bank records that suggested fraud.
“I saw some of it on Facebook and it was really shocking. It was really, really shocking. It's really tragic,” said Lynn Scruggs, a longtime Lindsay resident. ”
Mr. Scruggs has had an account with that bank for 60 years. On Saturday, he and many others in Lindsay's community witnessed FDIC agents swarming the bank.
“If you look down in the parking lot, there were probably 50 or 60 people inside that bank this morning trying to get it ready to open at 9 a.m. Monday morning,” Scruggs said. said.
>> Download the KOCO 5 app
KOCO 5 spoke to an FDIC official who said accounts under $250,000 are fully insured. However, it is still being considered how much money those who exceed that threshold will be able to recover.
“I certainly don’t have more than $250,000 in assets in the bank, but I think there are people in the community who have more than that in the bank. I think it's bothering me, 'I wonder what's going to happen,''' Scruggs said.
This is the second bank failure in the US this year. The last bank to fail in Oklahoma was Freedom State Bank in 2014.
“The people of this town are resilient and we're going to get through this,” Scruggs said.
The bank remains open under an agreement with First Bank & Trust Co. in Duncan, and FDIC officials say customers can still write and withdraw checks at its ATMs.
Further developments are expected after the closure, with the federal agency that shut down the bank referring the case to the U.S. Department of Justice.
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