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Another US Bank Failure (Eruptions Market Report 8-2-23)

Heartland Tri-State Bank of Elkhart, Kansas, underwent closure today under the oversight of the Kansas Office of the State Bank Commissioner. In this situation, the Federal Deposit Insurance Corporation (FDIC) was designated as the receiver.

With the primary aim of safeguarding depositors, the FDIC initiated a purchase and assumption agreement with Dream First Bank, National Association, situated in Syracuse, Kansas. This agreement entails the assumption of all deposits previously held by Heartland Tri-State Bank.

The quartet of branches that constituted Heartland Tri-State Bank will commence operations anew as components of Dream First Bank, National Association, starting on Monday, July 31. This transition will transpire during regular business hours.

During the interim period of this weekend and evening, patrons who had accounts with Heartland Tri-State Bank can gain access to their funds by means of check writing, ATM usage, or debit card transactions. Notably, checks issued from the bank will continue to undergo processing. Customers who held loans with the bank are advised to adhere to their routine payment schedules without alteration.

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