What happened to Heartland Tri State bank? (2024)

What happened to Heartland Tri State bank?

After state regulators closed the bank, the FDIC stepped in and brokered a deal to sell Heartland and its three branch locations to Dream First Bank of Syracuse, another regional institution in western Kansas. Customers of Heartland were automatically transferred to Dream First and nobody lost their deposits.

Heartland Tri-State Bank failed because of alleged fraudulent activity conducted by the bank's chief executive officer (CEO), who initiated a series of wire transfers totaling about $47.1 million of Heartland's funds, among other suspicious activities, as part of an apparent cryptocurrency scheme referred to as “pig ...

On Friday, July 28, 2023, Heartland Tri-State Bank was closed by the Kansas Office of the State Bank Commissioner. The Federal Deposit Insurance Corporation (FDIC) was subsequently named Receiver.

On July 28, 2023, Heartland Tri-State Bank in Elkhart, Kansas, was acquired by Dream First Bank in Syracuse, Kansas. The bank will reopen as Dream First Bank on July 31, 2023. Depositors of Heartland Tri-State Bank will automatically become depositors of Dream First Bank.

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.

Heartland Bank and Trust Company is a member of the FDIC. The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency created in 1933. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails.

The collapses of Silicon Valley Bank and Signature Bank in March 2023—then the second- and third-largest bank failures in U.S. history—took consumers by surprise. Subsequently, three more banks failed in 2023: First Republic Bank in May, Heartland Tri-State Bank in July and Citizens Bank of Sac City in November.

Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either (1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or (2) by issuing a payment to each depositor for ...

To protect depositors, on Monday, March 13, 2023, the FDIC transferred all the deposits of Silicon Valley Bank to Silicon Valley Bridge Bank, N.A. a full-service 'bridge bank' that was operated by the FDIC as it marketed the institution to potential bidders.

Completes Acquisition of Heartland Bank.

Who is the CEO of Heartland Bank?

Leanne joined Heartland Bank in August 2022 as Chief Executive Officer. Prior to this, she was Chief Executive Officer and Executive Director of Westpac NZ's insurance brand, Westpac Life NZ Ltd.

Heartland failed because of alleged fraud by its CEO, who initiated wire transfers totaling about $47.1 million of the bank's funds as part of an apparent cryptocurrency scheme. Under the CEO's influence, bank employees circumvented internal controls and processed the transfers.

Heartland's $139 million in assets and $130 million in deposits were acquired in July by Syracuse, Kansas-based Dream First Bank, and the Office of the State Bank Commissioner of Kansas said the state's banking sector was “unaffected by this event.”

Heartland, a popular Canadian TV show, is now in its 17th season. The new season began on October 1, 2023.

Heartland has local roots and is proud to offer local decisions, local expertise and local relationships.

Bank of North Dakota, for example, is not FDIC-insured. Instead, it is backed by the full faith and credit of the State of North Dakota. Credit unions are regulated differently from banks and have their own federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF).

A: Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

San Francisco-based First Republic Bank goes down as the second-largest failure in U.S. history. Santa Clara, California-based Silicon Valley Bank follows at number three on the all-time list and New York City-based Signature Bank is the fourth-largest bank to fail.

Generally, money kept in a bank account is safe—even during a recession. However, depending on factors such as your balance amount and the type of account, your money might not be completely protected. For instance, Silicon Valley Bank likely had billions of dollars in uninsured deposits at the time of its collapse.

Can banks close and keep your money?

If your bank closes, the FDIC will either try to move your money to another bank in good standing or mail you a check for up to the insured amount. If your money isn't moved, the bank should mail you a check within two business days of the bank closing.

A bank account freeze means you can't take or transfer money out of the account. Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft.

2024 in Brief

There are no bank failures in 2024. See detailed descriptions below. For more bank failure information on a specific year, select a date from the drop down menu to the right or select a month within the graph.

Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.

NYCB and Republic First are much smaller than two of the three banks that failed after historic deposit runs in March 2023. But bankers, regulators and analysts are worried that more trouble could spark another crisis of confidence in regional banks. each fell more than 1%.