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FDIC Terminates Kansas Heartland Tri-State Bank, Signals Deepening Banking Crisis

Posted on July 30, 2023

Federal Deposit Insurance Corporation (FDIC)announced the Heartland Tri-State Bank of Elkhart shut down on July 29. The move struck a huge blow to the US banking sector that has battled an unending crisis for months. The crisis was wreaking havoc again when the Kansas Office of the State Bank Commissioner closed the Heartland Tri-State Bank of Elkhart. 

Dream First Bank Takes Over Embattled Heartland Tri-State Bank

The Federal Deposit Insurance Corporation revealed that by July 31, the Heartland Tri-State Bank’s four branches will reopen as the Dream First Bank’s branches under ordinary business hours. The failed bank’s depositors will become Dream First Bank’s clients, which means the bank will process all deposits, withdrawals, and loan transactions. Heartland Tri-State Bank’s clients should keep using their branch location while waiting to complete the bank’s transition. 

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Heartland Tri-State Bank becomes the first to crumble since JPMorgan’s acquisition of troubled First Republic Bank in May following unsuccessful rescue efforts. Besides, it follows Silicon Valley Bank’s dramatic collapse that resulted in days of chaos in the nation’s banking system. 

Chaos Unfolding in US Banking Sector

The collapse of the Heartland Tri-State Bank also signifies the week’s second banking crisis. On July 25, PacWest and Banc of California merged, with the two banks seeking to shore up amid the chaos in the banking industry. 

The increasing United States interest rates and ineffective risk management from financial institutions are some of the reasons believed to cause the bank’s failures. Over the past year, the nation’s Federal Reserve boosted its benchmark rate to 5.25 percent in July, making it the highest rate since 2007. The move sought to control inflation in the United States. In June, the nation’s inflation rate was 4.1% year-over-year.

As of March, Heartland Tri-State Bank possessed total assets worth an estimated $139 million, while its total deposits were $ 130 million. In addition to deposits, Dream First Bank agreed to buy the collapsed bank’s assets. 

FDIC Projects $54.2M to Resolve the Transition

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Federal Deposit Insurance Corporation estimates reveal the Deposit Insurance Fund (DIF) will incur $54.2 million. Congress created this insurance fund in 1993 and it is run by the government corporation to safeguard all banks’ deposits. 

The FDIC claimed that in comparison to other options, the acquisition of the Dream First Bank was DIF’s least costly solution. 

In June, several bills were introduced by House Financial Service Committee’s Democrats. Their introduction marked the ‘initial wave’ of legislation meant to address major banks’ failures.

Representative Maxine Waters claimed that Silicon Valley, First Republic, and Signature Banks’ failures are proof that the time for legislation meant to strengthen the banking system’s soundness, safety, and executive accountability is now. She also added that Congress should not remain idle. 


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