Bank of Oklahoma collapses, federal authorities shut down
The Office of the Comptroller of the Currency shut down Lindsay Bank on Friday, citing “false and deceptive bank records” that suggested fraud.
The Office of the Comptroller of the Currency shut down Lindsay Bank on Friday, citing “false and deceptive bank records” that suggested fraud. Click here to get the latest news stories that interest you. The agency on Friday appointed the Federal Deposit Insurance Corporation as the receiver of the financial instruments transaction. First National Bank of Lindsay, according to a news release. The OCC reported that the bank was in an “unsafe or unsound condition for doing business” and that its assets were below its obligations to creditors and others. As of June 30, the bank reported total assets of approximately $108 million, and the FDIC “entered into an acquisition and underwriting agreement with First Bank & Trust Company.” Duncan will take over the bank's insured deposits, according to a news release. The bank will take over the insured deposits at a premium of 6.67% and will also buy approximately $20 million of the failed bank's assets, according to a news release. >> Download the KOCO 5 app The FDIC says that since Lindsay Bank will reopen on Monday and deposits will continue to be insured by the FDIC, “customers will not need to change their banking relationship to maintain deposit insurance coverage. ” reported. As of June 30, 2024, Lindsay's First National Bank reported total assets of $107.8 million and total deposits of $97.5 million. Approximately $7.1 million of the deposits exceeded FDIC insurance limits. This amount is subject to change as the FDIC receives additional information from customers. “Customers with accounts over $250,000 should contact the FDIC toll-free at 1-866-314-1744 to set up an appointment to discuss deposits,” FDIC officials said in a news release. FDIC officials reported that the last bank failure in Oklahoma was Freedom State Bank in June 2014. TOP HEADLINES Oklahoma City clerk found dead by customer, but few details released Butterball makes cooking Thanksgiving turkey the easiest Police: Homicide detectives say Volunteer firefighter killed in northwest Oklahoma responds to death investigation, leaves station shocked Witness describes 'frantic' moment suspect ran into Quail Springs Mall after chase
The Office of the Comptroller of the Currency shut down Lindsay Bank on Friday, citing “false and deceptive bank records” that suggested fraud.
Click here to get the latest news stories that interest you.
The agency on Friday appointed the Federal Deposit Insurance Corporation as trustee of Lindsay First National Bank, according to a news release.
The OCC reported that the bank was in an “unsafe or unsound condition for doing business” and that its assets were below its obligations to creditors and others. As of June 30, the bank reported total assets of approximately $108 million.
The FDIC “entered into an acquisition and underwriting agreement with First Bank & Trust.” Mr. Duncan will take over the bank's insured deposits, according to a news release.
In addition to accepting insured deposits for a 6.67% premium, the bank will buy about $20 million in assets from failed banks, according to a news release.
>> Download the KOCO 5 app
The FDIC reported that Lindsay Bank reopened on Monday and “customers do not need to change their banking relationship to maintain deposit insurance coverage” as deposits will continue to be insured by the FDIC.
“As of June 30, 2024, First National Bank of Lindsay reported total assets of $107.8 million and total deposits of $97.5 million. Approximately $7.1 million of the deposits were subject to FDIC insurance limits. This amount is subject to change as the FDIC receives additional information from the customer by contacting the FDIC toll-free at 1-866-314-1744. , please set up an appointment to discuss your deposit,” FDIC officials said in a news release.
FDIC officials reported that the last bank failure in Oklahoma was Freedom State Bank in June 2014.
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