Lindsay, Oklahoma, December 8, 2025
Danny Seibel, the former President and CEO of First National Bank of Lindsay, has been indicted on several federal charges, including bank fraud and making false bank records. The charges stem from allegations of a scheme to hide the bank’s financial problems, which ultimately led to its closure in September 2024. Federal authorities are intensifying scrutiny on banking practices, highlighting the implications of this case for accountability and transparency in financial institutions.
Lindsay, Oklahoma
Danny Seibel, the former President and CEO of First National Bank of Lindsay, has been indicted on multiple federal charges, including bank fraud and making false entries in the bank’s records. The indictment alleges that Seibel engaged in a scheme to conceal the bank’s financial instability, leading to its closure in September 2024.
Details of the Indictment
The federal grand jury in the Western District of Oklahoma charged Seibel with conspiring to commit bank fraud, bank fraud, making false entries in the books and records of a financial institution, obstructing the examination of a financial institution, and failing to implement an anti-money laundering program. Seibel, 54, served as the President and CEO of First National Bank of Lindsay from February 2007 until his termination in September 2024. He is accused of approving loans to certain customers, many of whom were his personal friends and neighbors, that were never repaid. Seibel allegedly manipulated the bank’s records and falsified various bank reports to falsely overstate the performance of these loans.
Background on First National Bank of Lindsay
First National Bank of Lindsay was a community bank based in Lindsay, Oklahoma. The bank was closed by the Office of the Comptroller of the Currency in September 2024, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. The closure was attributed to the bank’s significant loan losses and inadequate capital, with the FDIC estimating that the failure would cost the Deposit Insurance Fund approximately $50 million.
Legal Proceedings
The indictment against Seibel is part of a broader effort by federal authorities to hold individuals accountable for financial misconduct leading to bank failures. In recent years, several former bank executives have faced charges related to fraudulent activities.
Implications
The indictment of Danny Seibel underscores the ongoing scrutiny of banking practices and the importance of transparency and accountability in financial institutions. Federal authorities have emphasized their commitment to investigating and prosecuting individuals who engage in fraudulent activities that jeopardize the stability of the banking system and the interests of depositors.
Frequently Asked Questions (FAQ)
What charges has Danny Seibel faced?
Danny Seibel has been indicted on charges including bank fraud, making false entries in the bank’s records, and obstructing the examination of a financial institution.
When was First National Bank of Lindsay closed?
First National Bank of Lindsay was closed by the Office of the Comptroller of the Currency in September 2024.
What is the estimated cost of the bank’s failure to the FDIC?
The FDIC estimated that the failure of First National Bank of Lindsay would cost the Deposit Insurance Fund approximately $50 million.
Has Danny Seibel been arrested?
The indictment does not specify whether Danny Seibel has been arrested; it only details the charges against him.
What are the potential penalties for these charges?
Conviction on these charges can result in significant prison time, fines, and restitution payments, depending on the severity of the offenses and the court’s judgment.
Key Features of the Case
| Feature | Details |
|---|---|
| Defendant | Danny Seibel, former President and CEO of First National Bank of Lindsay |
| Charges | Bank fraud, making false entries in bank records, obstructing financial institution examination, failing to implement anti-money laundering program |
| Bank Closure | September 2024 |
| Estimated Cost to FDIC | Approximately $50 million |
| Indictment Date | December 3, 2025 |
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