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.
If You Had a Deposit Account
The full balance of all insured deposit accounts has been transferred to First Bank & Trust Co.
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.
You may continue to use your checks and ATM/Debit card to access your insured deposits. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
For accounts exceeding $250,000 and/or accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine ownership and insurance coverage. To schedule an appointment with a Claims Agent, call Customer Service & Records Research in Dallas at 1-888-206-4662, Monday through Friday (excluding federal holidays) between 8:00 a.m. and 4:00 p.m. Central Time.
You can also visit the FDIC’s Failed Bank Customer Service Center (FBCSC) and register using Login.gov to review your insurance determination, schedule an appointment, and communicate about your account(s).
EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts
Facts for Depositors
General information explaining the role of FDIC
If You Had a Loan
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change. If your loan is currently in process or you had a line of credit, contact the FDIC.
If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact the FDIC immediately.
If you received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.
Obtaining a Lien Release
Process on getting a release of lien
Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans
Facts for Borrowers
General information explaining the role of FDIC
If You Are Owed Money for a Service or Product Provided
You may be eligible to file a claim against The First National Bank of Lindsay.
If you have not been paid for services rendered prior to October 18, 2024, please refer to the Filing Claims section below.
Facts for Creditors
General information explaining the role of FDIC
Publication Notice to Creditors and Depositors of The First National Bank of Lindsay
Beware of Scams
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of The First National Bank of Lindsay, First Bank & Trust Co., or the FDIC. The FDIC, however, will encourage you to correspond with us via the Failed Bank Customer Service Center (FBCSC), a secure web portal.
About First Bank & Trust Co.
The insured balance of all deposit accounts have been transferred to First Bank & Trust Co., Duncan, OK ("assuming institution") and will be available immediately. 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. The former The First National Bank of Lindsay locations will reopen as branches of First Bank & Trust Co. during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at First Bank & Trust Co. for at least six months after the failure of The First National Bank of Lindsay. Checks that were drawn on The First National Bank of Lindsay that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
Principal and interest on insured accounts, through Friday, October 18, 2024, are fully insured by the FDIC, up to the insurance limit of $250,000. Accrued interest will be paid at your same rate. First Bank & Trust Co. will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First Bank & Trust Co. as long as the deposits are not pledged as collateral for loans.
Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
Contacting First Bank & Trust Co.
First Bank & Trust Co.
923 W Main St
Duncan, OK 73533
First Bank & Trust Co. (www.fb247.com)
Transaction Documentation
Purchase & Assumption Agreement
Agreement between FDIC and the acquiring institution
Bid Summary
Report on the bids to purchase the failed bank
Brokered Accounts
As an All Insured Deposits transaction, the total of all insured brokered deposit accounts, has been assumed by First Bank & Trust Co.
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by First Bank & Trust Co.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). First Bank & Trust Co. will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
Direct Deposit
All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
Lines of credit have been retained by the FDIC. For questions on the use of existing credit lines contact the FDIC. For overdrafts or new lending, please contact First Bank & Trust Co.
Safe Deposit Boxes
You will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. Any changes will be communicated by First Bank & Trust Co.
Tax Reporting — 1098 and/or 1099
First Bank & Trust Co. will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to The First National Bank of Lindsay on or before October 18, 2024, and have not been paid, you may have a claim against The First National Bank of Lindsay.
All creditors having claims against The First National Bank of Lindsay must submit their Proof of Claim form, along with the supporting documentation, to the Receiver through one of the following methods: online, by email, or by mail. You can complete the Proof of Claim form and provide supporting documentation electronically through the Failed Bank Customer Service Center (FBCSC). To file a claim via email or mail, please go to Deposit Claims & Asset Sales to obtain a Proof of Claim form. Please complete the Proof of Claim form along with supporting documentation and submit via email, or by mail.
Online (Electronic Filing):
Failed Bank Customer Service Center (FBCSC)
Email:
Mail:
FDIC as Receiver for The First National Bank of Lindsay
Attention: Non-Deposit Claims
600 North Pearl Street
Suite 700
Dallas, TX 75201
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
Questions About This Closing
Please contact Customer Service & Records Research in Dallas at the number provided below with any additional questions:
1-888-206-4662
Hours of Operation — Central Time
Monday – Friday (excluding federal holidays): 8am – 4pm