Failures

The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.

A report reveals Heartland Tri-State Bank's failure last year was due to its CEO being ensnared in a sophisticated investment scam that is taking more victims.

Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.

Months prior to its failure, Citizens Bank in Sac City had entered into a consent order with the Federal Deposit Insurance Corp. and the Iowa Division of Banking due to problems in its portfolio of commercial trucking loans.

The economic tremors caused by the COVID-19 crisis led some analysts to argue that it was only a matter of time before some financial institutions collapsed. But thanks to government stimulus, the industry’s ample capital levels and moderate risk exposure, bank closings have become a rarity.

The $6.4 million-asset institution was placed in conservatorship in January and is the first credit union to be liquidated this year.

A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose.

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse.

Bansley & Kiener, without admitting wrongdoing, agreed to pay $2.5 million to address allegations that lax oversight contributed to the 2017 collapse of Washington Federal Bank for Savings.

A number of reasonable changes to the National Credit Union Share Insurance Fund could help NCUA avoid charging premiums.