**Second U.S. Bank Shuttered in 2024 Amid Fraud Allegations**

In a significant development, the Office of the Comptroller of the Currency (OCC) has closed the First National Bank of Lindsay in Oklahoma. This marks the second closure of a U.S. bank in 2024. The OCC's decision came after discovering false and deceptive records that indicated fraudulent activities had significantly depleted the bank's capital reserves.

According to the OCC, the bank was in a precarious financial condition, with assets falling short of its obligations to both creditors and other stakeholders. The Federal Deposit Insurance Corporation (FDIC) promptly intervened, securing the bank's assets and transferring all deposits to First Bank & Trust Co. in Duncan, Oklahoma.

This incident follows the January collapse of Republic Bank, based in Philadelphia. The bank succumbed to substantial financial losses, inadequate capital reserves, and issues with asset quality. Republic Bank's downfall is part of a troubling trend seen throughout 2023, notably with the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank.

The failures of Silicon Valley Bank and First Republic Bank were attributed to liquidity pressures, poor risk management, and unrealized losses on securities. Signature Bank, despite maintaining adequate capital, faced a swift outflow of deposits, prompting regulatory intervention.

This series of bank failures underscores ongoing vulnerabilities in the financial sector, raising concerns about capital adequacy, risk management, and the overall health of U.S. banks. Regulators continue to monitor and address these issues to safeguard the stability of the financial system.