Lie involving head of bank's board (5)
I believe the answer is:
table
'board' is the definition.
(both can mean food)
'lie involving head of bank's' is the wordplay.
'lie' becomes 'tale' (as in telling tales).
'involving' indicates putting letters inside.
'head of' suggests taking the first letters.
The initial letter of 'banks' is 'b'.
'tale' going around 'b' is 'TABLE'.
(Other definitions for table that I've seen before include "Array of data" , "Item of furniture; figures presented in columns" , "shelf" , "Slab" , "Chart; present formally" .)