Major Bank Shut Down by FDIC for Fraud!

It doesn’t happen often — only one other time this year, as a matter of fact — but another FDIC-insured bank has been shut down for fraud.

It happened to the First National Bank of Lindsay, based in south central Oklahoma.

According to the Office of the Comptroller of the Currency, federal officials found false and deceptive bank records, as well as information that suggested fraud and revealed losses in the bank’s capital.

In layman’s terms: No bueno!

FNB of Lindsay customers will have access to their insured deposits, checks drawn on the bank will be processed, and loan customers should make their usual payments.

If you’re a certified baller, the FDIC officials note that people with accounts in excess of $250,000 should call the corporation at 1-866-314-1744 to make an appointment to talk about their deposits.

In a world where people are keeping their circles tight, they now have to worry about their money in the bank and if the bank is doing things that could put their livelihoods in jeopardy.

Although bank closures by the government are rare, being that this is only the second of the year in America in 2024, they do happen. In 2023, there were 5 bank shutdowns.

This failure is something that is going to be really costly for the bank’s insurance company. After the dust settles, they will be left with the bill — a bill estimated at $43 million.