Episode 359: Treasury review of First National Bank of Lindsay failure

This episode examines a recent audit report from the Office of Inspector General inside the Department of the Treasury titled “Safety and Soundness: Failed Bank Limited Review – First National Bank of Lindsay.” The Office of Inspector General issued an initial memorandum reviewing the failure of First National Bank of Lindsay. The bank failed in October of 2024. The memorandum states, “due to deficiencies in the bank’s board oversight and internal controls and other unsafe or unsound practices allowed one or more bank employees to alter bank records and hide weaknesses in the bank’s loan portfolio from examiners.” A link to the report is included below.

Link: Safety and Soundness: Failed Bank Limited Review - First National Bank of Lindsay