Former Oklahoma Bank CEO Danny Seibel Pleads Guilty to Bank Fraud

Danny Seibel, former president and chief executive officer of the now-defunct First National Bank of Lindsay in Oklahoma, pleaded guilty yesterday to one count of bank fraud, the U.S. Department of Justice announced on May 7, 2026.

The plea covers Seibel's conduct while leading the small community bank, which held deposits and made loans in the Lindsay, Oklahoma, area before regulators closed it. The Department of Justice did not release the specific loss amount tied to the fraud count in its announcement.

Seibel now faces a sentencing hearing in which federal guidelines will dictate a range of possible prison time, fines and restitution based on the fraud's scale and his acceptance of responsibility. The guilty plea eliminates the need for a trial and shifts the case directly to the probation office for a presentence investigation report.

Downstream, the conviction requires the court to set a restitution amount to any identified victims, which can include the Federal Deposit Insurance Corporation if it covered losses from the bank's failure. The FDIC, as receiver for failed banks, routinely pursues civil actions against former executives to recover funds; Seibel's criminal admission strengthens the agency's position in any parallel recovery effort.

Sentencing must occur within the timeline set by the district court, typically 60 to 90 days after the plea.

This marks the resolution of the DOJ's criminal case against the bank's top executive following the institution's failure. The Department of Justice has pursued similar bank-fraud prosecutions against senior officers at other small failed banks in recent years as part of its enforcement focus on financial-institution misconduct.