Major bank abruptly closes all locations leaving customers trying to locate their money
Published: 9:42 ET, Aug 12 2023
Updated: 11:48 ET, Aug 12 2023
A BANK has failed, forcing federal regulators to grapple with the fourth Federal Deposit Insurance Corporation (FDIC) takeover this year.
The small, Kansas-based Heartland Tri-State Bank failed in late July following three mid-sized bank failures beginning in March.
Heartland is the first bank to fail since First Republic in early May.
First Republic was the second-largest bank collapse in American history, sending shock waves through the financial sector.
Banks with FDIC membership – like Heartland and First Republic – ensure customers will never lose their money in a bank failure.
The FDIC took over all of the deposits from Heartland Tri-State before the bank was about to go belly-up.
Another local bank, Dream First Bank, agreed to terms to reopen all of Heartland Tri-State’s branches under its name.
Depositors who had Heartland Tri-State accounts will now be members of Dream First Bank.
All impacted customers can still access money by writing checks, using ATM machines, or using debit cards.
Heartland Bank’s failure will move a lot less money than the other three bank closures.
The Kansas bank had $139million worth of assets during its closure, according to the FDIC.
Heartland’s assets are less than one percent of the size of the three other bank failures.
First Republic had $229billion in assets; Signature Bank had $110billion; and Silicon Valley Bank had $209billion.
The bank serviced a much smaller community, too.
The three financial institutions that closed earlier this year headquarter in large financial markets like New York City and San Francisco.
Heartland is based in Elkhart, Kansas, a town with less than 2,000.
David Herndon, Kansas’ Banking Commissioner, said Heartland’s closure “had nothing to do” with the other three collapses, according to Yahoo Finance.
“The bank was a victim of a scam that suddenly caused its insolvency,” Herndon said.
“It had nothing to do with any of the reported turmoil, or the closures from March of the banks in California, New York, and that sort of thing.”
The U.S. Sun reports on other bank closures – here is a bank with 21 impending branch closures.
Also, there are several store closures, including this popular car-focused retailer.
Source: The Sun
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