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Major bank abruptly closes all locations leaving customers trying to locate their money
EMPTY VAULT
Major bank abruptly closes all locations leaving customers trying to locate their money
A BANK has failed, forcing federal regulators to grapple with the fourth Federal Deposit Insurance Corporation (FDIC) takeover this year.
The small, Kansas-based Heartland Tri-State Bank failed in late July following three mid-sized bank failures beginning in March.
Heartland is the first bank to fail since First Republic in early May.
First Republic was the second-largest bank collapse in American history, sending shock waves through the financial sector.
Banks with FDIC membership – like Heartland and First Republic – ensure customers will never lose their money in a bank failure.
The FDIC took over all of the deposits from Heartland Tri-State before the bank was about to go belly-up.
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Another local bank, Dream First Bank, agreed to terms to reopen all of Heartland Tri-State’s branches under its name.
Depositors who had Heartland Tri-State accounts will now be members of Dream First Bank.
All impacted customers can still access money by writing checks, using ATM machines, or using debit cards.
“You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change,” the FDIC said to CNN…….more here
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