Breaking: Bank Failure FDIC Takeover - First National Bank of Lindsay Oklahoma - Money Gone, VP Commits Suicide
This is a 21 October 2024 video.
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 sole office of The First National Bank of Lindsay will reopen as a branch of First Bank & Trust Co. during its normal business hours on Monday, October 21, 2024. Depositors of the failed bank will automatically become depositors of First Bank & Trust Co. The insured deposits assumed by First Bank & Trust Co. will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
“Too big to fail, too small to care.”
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.
As of June 30, 2024, The 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 exceeded FDIC insurance limits; this amount is likely to change once the FDIC obtains additional information from customers.
Source: https://www.fdic.gov/news/press-releases/2024/first-bank-trust-co-duncan-ok-acquires-insured-deposits-first-national
https://youtu.be/CU0GLMy1QU4
0:00 – Intro
1:10 – Bank Failure, First National Bank of Lindsay
14:00 – To Small to Care
18:00 – Under the Hood The City of Lindsay
24:00 – Lindsay ISD, suspicions?
31:00 – More Bank Failures Coming?
36:10 – Closing
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