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On Friday, July 28, 2023, Heartland Tri-State Bank was closed by the Kansas Office of the State Bank Commissioner. The Federal Deposit Insurance Corporation (FDIC) was subsequently named Receiver. No advance notice is given to the public when a financial institution is closed. Dream First Bank, National Association (N.A.), Syracuse, KS assumed all deposit accounts and substantially all the assets. All shares of stock were owned by the holding company, which was not involved in this transaction. ------------------------------------------------- Press Release For Release WASHINGTON – Heartland Tri-State Bank of Elkhart, Kansas, was closed today by the Kansas Office of the State...

Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What I’m suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less — maybe a lot less. It’s...

CENTRAL FALLS, R.I. -- When the state stepped in to take over financially struggling Central Falls in 2010, Rhode Island's smallest city lost something fundamental: its democratic government. Mayor Charles Moreau would be forced to give back his key to City Hall, and the City Council was relegated to advisory status - unsure for months whether it was even allowed to convene. "They're being governed without elected representation," state Sen. Elizabeth Crowley said of Central Falls' 19,000 residents. "That flies in the face of the democratic principle that our country is founded on, not only our little city. Maybe we...

Copyright lawsuit filer Righthaven LLC of Las Vegas faced more problems Monday after a federal judge granted a defendant’s motion that Righthaven be placed under control of a receiver and that its copyrights be auctioned off, giving it nothing to sue or appeal over. U.S. District Judge Philip Pro granted the motion made by attorneys for defendant Wayne Hoehn, who said a receiver was needed to run the company and that its assets should be auctioned. That was after Righthaven failed to pay their attorney’s fees and U.S. Marshals were unable to round up enough Righthaven assets to cover their...

With Ben Bernanke testifying about the need for regulatory overhaul while the government is reportedly considering yet another bailout package for Citigroup, one question remains front and center: What to do with ailing banks? Barry Ritholtz, CEO of Fusion IQ, says the current bailout bonanza is "absolutely asinine" and believes there's no good reason the U.S. government should be rescuing the debt holders and counterparties of firms like AIG and Citigroup. "Why do you and I as taxpayers have to make good some bet that Goldman or Deutsche Bank [or Pimco] made?," he asks. "When you lend money to an...

Member of the Texas Sunset Commission today recommended 'radical' changes in the administration of the Texas Department of Transportation, including placing the troubled and controversial agency into a four year legislative 'receivership' and abolishing the Texas Transportation Commission, which runs TexDOT, and appointment of a Transportation Commissioner who would be answerable to the Legislature, 1200 WOAI news reports. But Sunset Commission member Rep. Ruth Jones McClendon (D-San Antonio) suggested going one step further. "What I am hearing form the public is that they are wanting to see an elected commissioner," she said to loud applause from the TexDOT opponents who...