On July 28, 2023, the Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart, Kansas, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver.
This closure marks another chapter in the ongoing banking crisis in the United States, following the recent failures of First Republic, Silicon Valley Bank, and Signature Bank.
As of March 31, 2023, Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits. Dream First Bank, National Association, of Syracuse, Kansas, has agreed to assume all deposits and purchase essentially all assets of the failed bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $54.2 million, making the acquisition by Dream First Bank the least costly resolution for the DIF.
The four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank on July 31, 2023, under…
