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National Association

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finance2 years ago•2 min saved

FDIC Closes Kansas Heartland Tri-State Bank Due to Failure

Heartland Tri-State Bank of Elkhart, Kansas, has been closed by the Kansas Office of the State Bank Commissioner, and the FDIC has been appointed as the receiver. Dream First Bank, National Association, of Syracuse, Kansas, has entered into a purchase and assumption agreement with the FDIC to assume all of the deposits and purchase the assets of Heartland Tri-State Bank. The four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank, National Association. Depositors do not need to change their banking relationship to retain deposit insurance coverage. The cost to the Deposit Insurance Fund is estimated to be $54.2 million.

via FDIC|

#acquisition #deposit-insurance #dream-first-bank

finance2 years ago•2 min saved

First Citizens to Acquire Silicon Valley Bank in $72bn Deal.

First-Citizens Bank & Trust Company has entered into a purchase and assumption agreement with the FDIC for all deposits and loans of Silicon Valley Bridge Bank, National Association. Depositors of Silicon Valley Bridge Bank will automatically become depositors of First-Citizens Bank & Trust Company. The FDIC and First-Citizens Bank & Trust Company have entered into a loss-share transaction on the commercial loans it purchased of the former Silicon Valley Bridge Bank, National Association. The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund (DIF) to be approximately $20 billion.

via FDIC|

#fdic #finance #first-citizens-bank-and-trust-company