🧵 1. Heartland Tri-State Bank of Elkhart closed by FDIC, reopens as branches of Dream First Bank on July 31 after banking crisis deepens. #business
🧵 1. Heartland Tri-State Bank of Elkhart closed by FDIC, reopens as branches of Dream First Bank on July 31 after banking crisis deepens. #business
🧵 2. Depositors of collapsed Heartland Tri-State Bank become customers of Dream First Bank, with all transactions processed through the new bank.
🧵 3. Rising interest rates and poor risk management are believed to be factors behind Heartland Tri-State Bank's collapse, as US banking system continues to face turmoil.
🧵 4. PacWest and Banc of California merge in response to industry turmoil, following the dramatic collapse of Silicon Valley Bank earlier this year.
🧵 5. FDIC estimates the cost to the Deposit Insurance Fund will be $54.2 million due to Heartland Tri-State Bank's closure, making Dream First Bank acquisition the least costly solution.
🧵 Read more at: https://cointelegraph.com/news/heartland-tri-state-closed-by-fdic-as-banking-crisis-deepens
Oh Mr. Rockefeller, what a can of worms you've opened here. But, i'm not gonna take the bait this time, except to say #matrix8fixesthis