Introduction to Problem Banks eBook

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November 3, 2023 Iowa community bank becomes 5th to fail this year The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings. Citizens Bank of Sac City, Iowa, failed Friday after examiners “identified significant loan losses that had not previously been identified by the bank,” the Iowa Division of Banking announced.

Full article: https://www.bankingdive.com/news/citizens-sac-city-iowa community-bank-fifth-2023-failure/699034/

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July 28, 2023 ‘ Huge scam’ in rural Kansas town fells fourth U.S. bank in 2023 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. "Heartland Tri-State Bank failed because of alleged fraudulent activity conducted by the bank's chief executive officer (CEO), who initiated a series of wire transfers totaling about $47.1 million Heartland's funds, among other suspicious activities, as part of an apparent cryptocurrency scheme referred to as 'pig butchering,’” the report said.

Full article: https://kansasreflector.com/2023/08/11/huge-scam-in-rural-kansas-town-fells-fourth-u-s-bank in-2023/