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The failure of Kentland Federal Savings and Loan, the nation's smallest standalone bank at $3.7 million of assets, will cause an estimated $1.2 million hit to the deposit insurance fund, according to the Federal Deposit Insurance Corp. Kentland's failure is the third bank failure in 2026.
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The stablecoin issuer has received final approval from the federal agency to open a trust bank division for custody of digital assets.
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The Denver-based bank reported that two loans soured, one due to fraud. A number of other lenders reported sizable fraud-related losses last fall.
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The Wyoming digital asset bank is requesting that the high court review previous decisions granting the central bank 'unbounded, unreviewable discretion' in light of its recent Cook and Slaughter rulings. A decision could impact how cryptocurrency intersects with the standard banking system.
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U.S. Bank, Arvest, Old National, BMO and WaFd took the losses in a decade-long scheme the DOJ announced.
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Brooke Pilant, who was at Ameriprise from 2017 to 2024, accused the firm of turning against her after she raised concerns about "unethical practices."
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Published July 11, 2008, 1:00 a.m. EDT
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Updated July 10, 2008, 6:16 p.m. EDT
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