Heartland Tri-State Bank of Elkhart, Kan., failed on Friday.
The Federal Deposit Insurance Corp. said in a press release that the Kansas Office of the State Bank Commissioner closed the $139 million-asset bank.
The Kansas Office of the State Bank Commissioner said in a separate release that it determined the bank “was insolvent” following “an isolated event.”
Dream First Bank of Syracuse, Kan., agreed to assume the bank’s $130 million of deposits and virtually all of its assets.
The FDIC and Dream First agreed to a loss-sharing agreement on the loans purchased.
The closure, the fourth of 2023, is expected to cost the FDIC’s Deposit Insurance Fund about $54.2 million. The other closures involved much-bigger banks: Silicon Valley Bank, Signature Bank and First Republic Bank.