WASHINGTON — Danny Seibel, the former president and Chief Executive Officer of the now-defunct First National Bank of Lindsay (FNBL), pleaded guilty May 6 to one count of bank fraud.
Seibel, 55, of Lindsay, was an executive at FNBL from around February 2007 until his termination in September 2024. According to court documents, Seibel caused FNBL to issue loans to certain customers, many of whom were his personal friends and neighbors, that the borrowers never repaid. Seibel then manipulated the bank’s records and falsified various bank reports to falsely overstate the performance of the loans, including by using new loans or transfers of the bank’s own funds to cover overdrafts of outstanding loans. The Office of the Comptroller of the Currency (OCC) appointed a receiver for the bank in October 2024.
Seibel pleaded guilty to one count of bank fraud May 6, according to court records. He faces up to 30 years in prison and a fine of up to $1 million. A sentencing date has not yet been set. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.