BREAKING NEWS: Heartland Tri-State Bank Closed by Regulator

Heartland Tri-State Bank has been ordered to close by its state regulatory authority due to insolvency, making it the fifth bank in the U.S. to fail this year.

The Kansas banking regulatory agency discreetly mandated the closure of Heartland Tri-State Bank last Friday (28) and appointed the Federal Deposit Insurance Corporation (FDIC) to oversee the process, subsequently arranging for another Kansas-based bank to acquire its assets.

According to reports, the FDIC announced that Dream First Bank, National Association, has been arranged to acquire and take over all assets of Heartland Tri-State Bank.

Regulatory authorities stated that the four branches of Heartland Tri-State Bank reopened on Monday (31) as branches of Dream First Bank, operating during regular business hours.

Several banks have faced closure in the U.S. this year, including Silicon Valley Bank ordered to cease operations by the California Department of Financial Protection and Innovation. On March 12th, Signature Bank was closed by the New York State Department of Financial Services. On May 1st, First Republic Bank was also closed by the California Department of Financial Protection and Innovation. Additionally, Silvergate Bank announced voluntary liquidation, with Heartland Tri-State Bank becoming the fifth bank to fail this year.