Heartland Tri-State Bank became the latest financial institution to fail in the current economy, marking the fifth bank closure this year amidst regulatory pressures.
The Kansas Office of the State Bank Commissioner ordered the bank’s closure, with the Federal Deposit Insurance Corporation (FDIC) becoming the receiver for the time being.
“On Friday, July 28, 2023, Heartland Tri-State Bank, Elkhart, KS was closed by the Kansas Office of the State Bank Commissioner. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed,” the company said in a statement.
“The FDIC has assembled useful information regarding your relationship with Heartland Tri-State Bank. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution,” it continued.
From The Gateway Pundit:
The assets of Heartland Tri-State Bank, which as of March 31, 2023, were valued at approximately $139 million, will be largely absorbed by Dream First Bank, National Association. This includes around $130 million in total deposits. Additionally, a shared-loss agreement will be established between the FDIC and Dream First Bank, National Association, concerning the acquired loans of the now-defunct Heartland Tri-State Bank. The intent behind this agreement is to optimize recoveries on the assets by maintaining them within the private sector, and also to minimize disruptions for loan customers.
