Source: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/heartlandtristate.html
Heartland Tri-State Bank of Elkhart, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank.
The four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank, National Association, on Monday, July 31, under normal business hours. This evening and over the weekend, depositors of Heartland Tri-State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Depositors of Heartland Tri-State Bank will become depositors of Dream First Bank, National Association, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage. Customers of Heartland Tri-State Bank should continue to use their existing branch until they receive notice from Dream First Bank, National Association, that it has completed systems changes to allow its branch offices to process their accounts as well.
As of March 31, 2023, Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits. In addition to assuming all of the deposits, Dream First Bank, National Association, agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Dream First Bank, National Association, are also entering into a commercial shared-loss agreement on the loans it purchased of the former Heartland Tri-State Bank. The FDIC as receiver and Dream First Bank, National Association, will share in the losses and potential recoveries on the loans covered by the shared-loss agreement, which is projected to maximize recoveries on the assets by keeping them in the private sector. The agreement is also expected to minimize disruptions for loan customers.
Customers with questions about the transaction should call the FDIC toll-free at 1-866-431-1725. The phone number will be operational this evening until 9:00 p.m. Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m. CT; on Sunday from noon to 6:00 p.m. CT; on Monday from 8:00 a.m. to 8:00 p.m. CT; and thereafter from 9:00 a.m. to 5:00 p.m. CT. Interested parties also can visit the FDIC's website.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $54.2 million. Compared to other alternatives, Dream First Bank, National Association’s, acquisition was the least costly resolution for the DIF, an insurance fund created by Congress in 1933 and managed by the FDIC to protect the deposits at the nation’s banks.
Wut mean?:
- The Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank in Elkhart, Kansas.
- The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver.
- To ensure depositor safety, the FDIC made an agreement with Dream First Bank of Syracuse, Kansas, to assume all Heartland Tri-State Bank's deposits.
- Heartland Tri-State Bank's branches will reopen as Dream First Bank branches on July 31. Depositors can access their money via checks, ATMs, and debit cards.
- Customers don't need to change their banking relationship; their deposits are now with Dream First Bank.
- As of March 31, 2023, Heartland Tri-State Bank had assets of $139 million and deposits of $130 million.
- Dream First Bank agreed to purchase almost all assets of the failed bank.
- A shared-loss agreement has been made between FDIC and Dream First Bank on the purchased loans, aiming to maximize recoveries by keeping assets in the private sector.
- The closure is estimated to cost the Deposit Insurance Fund (DIF) $54.2 million. Dream First Bank's acquisition was the least costly option for the DIF, a fund managed by the FDIC to protect bank deposits.
TLDRS:
On Superstonk Yesterday:FDIC Alert! Sunshine meeting notice for meting that the public interest did not require consideration of & already occurred today at 11:16a.m., & considered supervision, corporate, and RESOLUTION activities, with the paperwork for the meeting that already occurred, filed today at 4:15p.m. Bank fail?
Sunshine meeting notice for meting that the public interest did not require consideration of and already occurred today at 11:16 a.m., and considered supervision, corporate, and resolution activities, with the paperwork for the meeting that already occurred, filed today at 4:15 p.m.
Fresh bank failure tonight.
link to original post: https://www.reddit.com/r/Superstonk/comments/15cc3ld/bank_failure_alert_heartland_tristate_bank_of/-
nuke it