Banking

Bank closed in southwestern Kansas

State regulators on Friday closed Heartland Tri-State Bank in Elkhart, Kansas, and called the FDIC as receiver. The FDIC participated in an arrangement with Dream First Bank in Syracuse, Kansas, to presume all of the stopped working bank’s $130 million in deposits and to buy basically all of the bank’s $139 million in properties. As part of the purchase, the FDIC concurred with Dream First to share losses and prospective healings on the loans bought from the stopped working bank. The failure—the 4th of 2023 and the very first neighborhood bank to fail this year—is anticipated to cost the Deposit Insurance Fund $54.2 million.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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