The news: Oklahoma-based First National Bank of Lindsay, formerly holding approximately $108 million in assets, closed on October 8 after the Office of the Comptroller of the Currency (OCC) found “false and deceptive bank records suggesting fraud,” per the regulator.
What happened? The OCC discovered evidence that fraud “depleted the bank’s capital,” per The Southwest Ledger. It also determined the bank was unsafe to operate because its assets fell short of its obligations.