First Bank & Trust Co., Duncan, OK, Acquires Insured Deposits of The First National Bank of Lindsay, Lindsay, OK
WASHINGTON 鈥 The First National Bank of Lindsay, Lindsay, Okla., was , which then appointed the Federal Deposit Insurance Corporation (多宝游戏下载) as receiver. To protect depositors, the 多宝游戏下载 entered into a purchase and assumption agreement with First Bank & Trust Co. Duncan, Okla., to assume the insured deposits of The First National Bank of Lindsay.
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 多宝游戏下载, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
All customers of The First National Bank of Lindsay will have access to their insured deposits. Over the weekend, customers of The First National Bank of Lindsay can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
In addition, based on the estimated recoveries of the failed bank assets, the 多宝游戏下载 will make 50 percent of uninsured funds available to those depositors on Monday, October 21, 2024. This amount could increase as the 多宝游戏下载 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 多宝游戏下载 insurance limits; this amount is likely to change once the 多宝游戏下载 obtains additional information from customers.
Customers with accounts in excess of $250,000 should contact the 多宝游戏下载 toll-free at 1-866-314-1744 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m., CT; on Sunday from 12:00 p.m. to 6:00 p.m., CT; Monday from 8:00 a.m. to 8:00 p.m., CT; and thereafter from 9:00 a.m. to 5:00 p.m., CT.
All customers who would like more information on today鈥檚 transaction can call the toll-free number or visit the 多宝游戏下载鈥檚 website.
Beginning Monday, depositors of The First National Bank of Lindsay with more than $250,000 at the bank may visit the 多宝游戏下载鈥檚 webpage to determine their insurance coverage.
First Bank & Trust Co. agreed to assume the insured deposits for a 6.67 percent premium. It will also purchase approximately $20 million of the failed bank鈥檚 assets. The 多宝游戏下载 will retain the remaining assets for later disposition.
The 多宝游戏下载 preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $43 million. The estimate will change over time as the assets are sold. Alleged fraud caused the failure of the bank and cost to the DIF.
The First National Bank of Lindsay is the second bank to fail in the nation this year. The last bank failure was Republic First Bank, in Philadelphia, Penn. on April 26, 2024. The last failure in Oklahoma was The Freedom State Bank, in Freedom, Okla. on June 27, 2014.