### Oklahoma Bank Closed by Federal Authorities Over Fraudulent Records

On Friday, federal officials shuttered the First National Bank of Lindsay, citing fraudulent practices and deceptive bank records. The Office of the Comptroller of Currency (OCC) took action, describing the bank as being in an "unsafe or unsound condition to transact business," with assets falling short of its obligations to creditors and others.

Following its closure, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver for the troubled bank. According to a news release, the FDIC subsequently arranged a purchase and assumption agreement with First Bank & Trust Co. of Duncan. As part of this agreement, First Bank & Trust Co. will assume the insured deposits, agreeing to a 6.67% premium, and will acquire approximately $20 million of the failed bank's assets.

Despite the closure, the FDIC has assured customers that the bank will reopen on Monday, with deposits continuing to be insured. This means customers do not need to alter their banking relationships to maintain their deposit insurance coverage. As of June 30, 2024, the bank had reported total assets of $107.8 million and total deposits of $97.5 million. However, approximately $7.1 million of these deposits exceeded the FDIC's insurance limits. Customers with deposits over $250,000 are encouraged to contact the FDIC to discuss their accounts.

This recent bank failure marks the first such incident in Oklahoma since the closure of Freedom State Bank in June 2014.