The First National Bank of Lindsay was forced to cease operations after the Office of the Comptroller of the Currency (OCC) found the institution to be in a perilous financial position.
Oklahoma-based First National Bank was shut down on Friday after the OCC identified “false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital,” the agency said in an Oct. 18 statement. OCC is a bureau under the Treasury tasked with regulating and supervising all national banks to ensure they operate securely.
The OCC found the financial institution to be 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.”…