The First National Bank of Lindsay reported roughly $108 million in assets, The Oklahoman reported.
The FDIC wrote in a press release:
On Friday, October 18, 2024, The First National Bank of Lindsay was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
All insured deposits have been transferred to First Bank & Trust Co., Duncan, OK.
The full balance of all insured deposit accounts has been transferred to First Bank & Trust Co.
In addition, based on the estimated recoveries of the failed bank assets, the FDIC will make 50 percent of uninsured funds available to those depositors on Monday, October 21, 2024. This amount could increase as the FDIC sells the assets of the failed bank.
You may continue to use your checks and ATM/Debit card to access your insured deposits. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
For accounts exceeding $250,000 and/or accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine ownership and insurance coverage.
The Office of the Comptroller of the Currency (OCC), who closed the bank, said in a statement on the 17th:
The OCC acted after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital. The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others.
The OCC is also referring this matter to the United States Department of Justice, which has a wide variety of tools to hold individuals accountable for criminal acts and focuses on victims in all of its matters.
AUTHOR COMMENTARY
I’m not sure what “false and deceptive bank records” means, and the OCC and FDIC are not giving us a lot to work with; but we do know, and I have reported a number of times, that we are about to face a MASSIVE banking crisis come next year. Make no mistake about it, there WILL be a ton of bank and credit union failures, bank runs and consolidations.
So please, take precautions, brethren, and limit your exposure to the banks. Keep only what you need there to maintain a balance, pay bills and make purchases online, but do not keep there what you did not or cannot afford to lose. Keep your cash, precious metals and other assets safely kept away in your home or wherever you reside.
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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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“On Friday, October 18th, the Federal Deposit Insurance Corporation (FDIC) announced its seizure of The First National Bank of Lindsay, based in Lindsay, Oklahoma, claiming they did so because of the financial institution’s “false and deceptive” record keeping.” <—–based on that premise, the same thing should happen to the government books.
I know, right? They’ll audit a small bank but not the government. Figures.
Exactly. God is angry with the wicked every day.