First National Bank, Lindsay, OK
The FED separates banks into 'Too Big To Fail' and 'Too Small to Care.'
“The first to plead his case seems right, until another comes and examines him.”
This post is out from behind my Istoria Ministries paywall in honor of Clint Simonton, the deceased Vice-President of First National Bank, Lindsey, Oklahoma, his wife, Sara, and their children.
Clint Simonton, Vice-President of the First National Bank of Lindsey, Oklahoma, committed suicide on Friday, September 27, 2024.
Four weeks later, the Federal Deposit Insurance Commission of the United States government closed First National Bank, Lindsey, Oklahoma.
I caution people against accusing Clint Simonton of “embezzling” 40 million dollars from depositors at First National Bank, Lindsey, Oklahoma.
Clint Simonton may not have stolen money from the depositors of Lindsey, Oklahoma.
Clint Simonton may have understood that the banking industry of the United States is underwater and a great many of his friends were about to lose everything.
Clint Simonton may have died of his own hand while carrying a conscience in his heart.
Any depositor of First National Bank of Lindsay, Oklahoma with over $250,000 in the bank will lose 50% of any money deposited in excess of the FDIC Insurance amount of $250,000. The FDIC press release states:
This morning I texted my friend, OK Senator James Lankford (R).
“James, the viral clip of you asking Janet Yellen about "bail ins" for "small rural bank in Oklahoma" like what the FED did with Silicon Valley Bank and First Republic was very prescient. I am not for bail ins for banks, but when the government separates states, communities (e.g. western North Carolina), and banks between "Too Big to Fail and Too Small to Care" we’re in trouble as a nation. Keep up your great work with the FED, the Treasury, and Congress. The FED claims $40 million is "missing" from the $107.8 million dollar bank of First National Bank, Lindsey. I feel for those farmers with over $250,000 at FNB that will take years (4) to "claw back" if ever.”
Below is the clip of Senator Lankford questioning Janet Yellin in March, 2023, after the FDIC “bailed in” (rescued all depositors) - including Oprah Winfrey, California Governor Gavin Newsom, George Soros, and Hollywood elites - with deposits in First Republic, Silicon Valley Bank, and Signature Bank.
Listen carefully to Senator Lankford’s question:
“Will small banks in Oklahoma receive the same treatment as Silicon Valley Bank, Signature Bank, and Republic Bank?”
Janet Yellin’s answer is “No.”
U.S. Banks Are Underwater
There are many banks in the United States that have “unrealized losses on their books” that are greater than “assets on their books.”
Banks in the United States are in trouble.
First National Bank of Lindsay, OK, may not be the victim of “bank fraud.”
First National Bank of Lindsay, OK, may be a victim of “U.S. Treasury bonds.”
The United States government announced it “closed” First National Bank of Lindsey, Oklahoma, late in the evening of Friday, October 18, 2024, well after the stock market closed and the news cycle ended.
Main stream media, for the most part, isn’t reporting on the closure.
If you’ve ever watched It’s a Wonderful Life, you understand that banks close when people lose faith that banks can keep their money safe.
It is entirely possibly that HUNDREDS of banks in the United States are in danger of failure.
First National Bank, Lindsey, OK is the first bank to fail in Oklahoma since 2014.
First National Bank, Lindsay, OK may be the proverbial “canary in the coal mine.”
Media Blames the Vice-President of FNB Lindsey
Unrealized losses on bank’s books throughout the United States are in the billions of dollars, very similar to the 2008 banking crisis.
Could it be that First National Bank, Lindsay, Oklahoma, is a precursor of things to come?
If it is, we may only know in hindsight, because people on social media, as well as main stream media, and even the FDIC are claiming “fraud” occurred at FNB, Lindsay.
Maybe it did; maybe it didn’t.
The person the media is blaming is Clint Simonton (see picture above). Clint committed suicide three weeks before the FEDS took over the bank.
One viral video on the Internet claims Clint participated in fraud through the issuance of Lindsey school bonds, covering the fraud through his service on the school board (and its audit committee) and his vice-president position at the bank.
Clint did, indeed, serve on the Lindsay school board. He resigned in October 2023.
According to the three men on their viral video, Clint’s resignation from the board smells of “fraud.”
But there’s a much easier explanation for Clint’s resignation from the school board.
Clint Simonton’s daughter applied to be a teacher in the Lindsey Public School System, and Clint believed it appropriate to “resign” from the board due to conflict of interest.
Everyone should be careful about “allegations” of fraud against Clint Simonton.
The Real Problems with the FDIC and FNB Lindsay
First National Bank, Lindsey, Oklahoma, was $60 million dollars “underwater.” Whether or not it was “fraud” will be uncovered one day.
What you need to understand about banks in general is this:
There are hundreds of other banks “underwater” in a similar manner to that of First National Bank, Lindsay, Oklahoma throughout the United States.
On Wednesday, November 6, 2024, the Troubled Asset Relief Program (TARP) for troubled banks will come to an end.
This government program, established in March 2023 after the FEDS bailed out customers of two California banks, seeks to prevent other banks from failing.
When TARP ends (November 6, 2024), the reserves at regional and local banks throughout the country will be at their lowest level since the 2023 banking crisis.
Conclusion
I realize that most of my readers do NOT have more than $250,000 in a local bank. But if you do, you’re not playing smart with your money.
Do not deposit more than $250,000 in any one bank. The customers with more than $250,000 in First National Bank, Lindsey, Oklahoma must hope that they can “claw back” their money after the FDIC sells FNB’s assets, though there is no guarantee that anyone will get their money back who is not insured.
Recognize that banks across the country are in trouble (underwater) due to purchasing long-term U.S. Treasury bonds at 1% interest, bonds that are now at half their value with interest rates over 4%.
Remember that Janet Yellen told U.S. Senator James Lankford (OK) that the FEDS will bail out customers at banks “too big to fail,” but will ignore customers (farmers, businesses, and others) who have money in banks “too small to care.”
Eventually, almost 700 banks across the country may merge into large banks.
When the United States Federal Reserve can control 4 to 5 major banks, the Central Bank of the United States (12 Regional Offices) will be able to make the switch from the “paper dollar” to digital Central Bank Digital Currencies.
I’ve learned that when the main stream media keeps quiet on stories that should be on the front page of every news outlet in the country, someone - somewhere - high up in government is not wanting the people of America to know what’s taking place.
I’ll repeat what I texted Senator Lankford this morning:
“When our government separates states, communities (e.g. western North Carolina), and banks between "Too Big to Fail and Too Small to Care" we’re in trouble as a nation.”
I’ll keep following this story for you in the weeks, months, and years to come.
Until then, I will not impugn the character of Clinton Simonton, a loving husband, father, and leader at First Baptist Church, Lindsey.
Clint may actually be a man with a heart and a conscience.
Well written and thought out, Pastor Wade. 🙂
I greatly appreciate your focusing on the facts and reserving judgement until we can prove guilt without a doubt.
I suspect your sentiments on the matter are correct.
I waited for a while after reading it as I worked in the kitchen and pondered this article and felt lead to come back and comment.
Prayers go out for the Simonton Family first and foremost as they are left to hurt over this tragedy and there will be those who will point fingers.
Through your writing of Clint Simonton, my thoughts take a different path. Wondering if Clint felt sorrow and compassion for his investors knowing the hardship they could face in the future and being a small rural town would have to see and face people who he thought of as friends and family.
Our financial and economic system for our country is broken and has experienced corruption under our political system for some time.
Sadly, our current administration has failed and has no idea what rural America is really like and only those They feel worthy will be taken care of. Janet Yellen is a disgrace to her country.