Former CEO faces charges tied to Oklahoma bank’s 2024 failure

The former president and CEO of First National Bank of Lindsay faces 18 charges tied to the Oklahoma bank’s October 2024 failure.

Danny Seibel was indicted for bank fraud, making false entries in the books and records of a financial institution, obstructing an exam, and failing to implement an anti-money laundering program.

The Office of the Comptroller of the Currency closed the bank “after identifying false and deceptive bank records and other information suggesting fraud that revealed depletion of the bank’s capital,” the agency said in a press release. “The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the … assets were less than its obligations to its creditors and others.”

The Federal Deposit Insurance Corp. sold the bank’s deposits, along with $20 million of assets, to First Bank & Trust in Duncan, Oklahoma. The FDIC estimated at the time that the failure would cost its Deposit Insurance Fund $43 million.