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Material Loss Review of Heartland Tri-State Bank

Heartland Tri-State Bank, based in rural Kansas, had about $139 million in assets before it failed in the summer of 2023. The bank’s failure cost the Deposit Insurance Fund an estimated $54 million, prompting our review. Heartland failed because of alleged fraud by its CEO, who initiated wire transfers totaling about $47.1 million of the bank’s funds as part of an apparent cryptocurrency scheme

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