The ongoing crisis surrounding the U.S. banking system struck again as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, with the Federal Deposit Insurance Corporation (FDIC) taking control.

On July 31, the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank under normal business hours, the FDIC noted in a statement. Depositors of the failed bank will become customers of Dream First Bank, meaning that withdrawals, deposits, and loan transactions will be processed through Dream First Bank. Customers of Heartland Tri-State Bank should continue to use their existing branch location until the bank has completed the transition.

Heartland Tri-State Bank is the first bank to collapse since troubled First Republic Bank was acquired by J.P. Morgan in May after efforts to rescue the company failed. It also follows the dramatic collapse of Silicon Valley Bank in March that triggered days of chaos in the US banking system.