After all I've seen and all these years, I'm feeling pretty foolish. I put a lot of my livelihood into this and it has gone nowhere but down. I feel like the biggest joke of a person for believing in any of this for this long.

Source: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/heartlandtristate.html

Heartland Tri-State Bank of Elkhart, Kansas, was closed today by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank.

The four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank, National Association, on Monday, July 31, under normal business hours. This evening and over the weekend, depositors of Heartland Tri-State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors of Heartland Tri-State Bank will become depositors of Dream First Bank, National Association, so customers do not need to change their banking relationship in order to retain their deposit insurance coverage. Customers of Heartland Tri-State Bank should continue to use their existing branch until they receive notice from Dream First Bank, National Association, that it has completed systems changes to allow its branch offices to process their accounts as well.

As of March 31, 2023, Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits. In addition to assuming all of the deposits, Dream First Bank, National Association, agreed to purchase essentially all of the failed bank’s assets.

The FDIC and Dream First Bank, National Association, are also entering into a commercial shared-loss agreement on the loans it purchased of the former Heartland Tri-State Bank. The FDIC as receiver and Dream First Bank, National Association, will share in the losses and potential recoveries on the loans covered by the shared-loss agreement, which is projected to maximize recoveries on the assets by keeping them in the private sector. The agreement is also expected to minimize disruptions for loan customers.

Customers with questions about the transaction should call the FDIC toll-free at 1-866-431-1725. The phone number will be operational this evening until 9:00 p.m. Central Time (CT); on Saturday from 9:00 a.m. to 6:00 p.m. CT; on Sunday from noon to 6:00 p.m. CT; on Monday from 8:00 a.m. to 8:00 p.m. CT; and thereafter from 9:00 a.m. to 5:00 p.m. CT. Interested parties also can visit the FDIC's website.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $54.2 million. Compared to other alternatives, Dream First Bank, National Association’s, acquisition was the least costly resolution for the DIF, an insurance fund created by Congress in 1933 and managed by the FDIC to protect the deposits at the nation’s banks.

Wut mean?:

• The Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank in Elkhart, Kansas.
• The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver.
• To ensure depositor safety, the FDIC made an agreement with Dream First Bank of Syracuse, Kansas, to assume all Heartland Tri-State Bank's deposits.
• Heartland Tri-State Bank's branches will reopen as Dream First Bank branches on July 31. Depositors can access their money via checks, ATMs, and debit cards.
• Customers don't need to change their banking relationship; their deposits are now with Dream First Bank.
• As of March 31, 2023, Heartland Tri-State Bank had assets of $139 million and deposits of $130 million.
• Dream First Bank agreed to purchase almost all assets of the failed bank.
• A shared-loss agreement has been made between FDIC and Dream First Bank on the purchased loans, aiming to maximize recoveries by keeping assets in the private sector.
• The closure is estimated to cost the Deposit Insurance Fund (DIF) $54.2 million. Dream First Bank's acquisition was the least costly option for the DIF, a fund managed by the FDIC to protect bank deposits.

TLDRS:

On Superstonk Yesterday:FDIC Alert! Sunshine meeting notice for meting that the public interest did not require consideration of & already occurred today at 11:16a.m., & considered supervision, corporate, and RESOLUTION activities, with the paperwork for the meeting that already occurred, filed today at 4:15p.m. Bank fail?

Sunshine meeting notice for meting that the public interest did not require consideration of and already occurred today at 11:16 a.m., and considered supervision, corporate, and resolution activities, with the paperwork for the meeting that already occurred, filed today at 4:15 p.m. Fresh bank failure tonight.

link to original post: https://www.reddit.com/r/Superstonk/comments/15cc3ld/bank_failure_alert_heartland_tristate_bank_of/-

One cannot even mention 'SS' much less 'why not drs'. I am so F'ing glad we're moving off of that shithole platform.

cross-posted from: https://lemmy.world/post/1362980

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cross-posted from: https://lemmy.world/post/1361966

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cross-posted from: https://lemmy.world/post/1361931

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cross-posted from: https://lemmy.world/post/1083728

Q: What do you look for in talent? https://youtu.be/uN2Dw8AOdMk?t=702

RC: "Well a really really strong work ethic, someone who is very very very hungry. Will is embedded into you at a very very young age, skills you can acquire, you can learn, so I look for someone who's got a chip on their shoulder, someone who you know comes from a broken family, someone who was bullied as a kid, someone who is an immigrant and really has had to fight and is just incredibly hungry. Those are the kind of people that I like, and it's hard to find, and it's getting much harder to find, but those are the kinds of people that I'm attracted to."

Regarding the meaning of Jun 3 2021 tweet, SEARS being chomped: https://youtu.be/uN2Dw8AOdMk?t=960

RC: "I think there are a lot of similarities, alot of potential similarities"

Regarding the meaning of Jul 23 2021 tweet of a toilet computer office setup: https://youtu.be/uN2Dw8AOdMk?t=987

RC: "That's a very efficient setup by the way, and I do my best work on the toilet." https://youtu.be/uN2Dw8AOdMk?t=1132

Joe Fonicello: "you don't spend hours thinking about these, making sure it's at the exact certain time or something like that?"

RC: "no, no, no."

Regarding May 12, 2021 tweet of RC in a GameStop store holding a scooter: https://youtu.be/uN2Dw8AOdMk?t=1218

Joe Fonicello: "...these are the kind of things we look at."

RC: "Every detail matters."

Joe Fonicallo: "yea, of course, people were looking at the games on the rack, people thought maybe there was a message there. There wasn't one, right, no message in the games?"

RC: "No there wasn't, no."

Regarding Jun 27, 2022 tweets on current investing environment and hedge fund behavior: https://youtu.be/uN2Dw8AOdMk?t=1278

RC: "... alot of these structures are set up where it's 'heads I win, tails you lose', like they make money regardless of whether they outperform the S&P500. So, I don't really understand that concept. I think anyone that's managing money, there shouldn't be ulterior motives, and so I'm not really a fan of management fees, I think it's misaligned with investors, and there's clearly also unprecendented inflation and a growing wealth gap and it's complicated what the solution is because this has been going on for a long time."

RC is asked, 'how do you change it'

RC tweet response: "Directors should comprise of owners who bought shares with their own money."

RC regarding this tweet: "Yea I think that's the simple and most effective solution. You've got a boardroom full of owners risking their own capital, you tend to think differnetly when - it's very very different when something is given to you and it's risk-free compensation and regardless how the business does you end up making money versus you actually bought shares with your own money and you serve on a board. So you spend a lot more time on the actual business and business risks and how the business is going to allocate capital, as opposed to everything in the name of corporate governance and hiring compensation consultants, and overpaying executives -- people behave differently when they're risking their own capital, so that's what I think the solution is."

RC regarding March 15 2022 tweet: https://youtu.be/uN2Dw8AOdMk?t=1589

"...I think it's interesting that if you're long, you have to disclose those positions, but if you're short you don't have to... it should be the same rules that apply to short sellers that are long certain positions"

RC regarding July 5 2022 tweet: https://youtu.be/uN2Dw8AOdMk?t=1775

RC: "corporate America is littered with risk-free compensation and overpaid executives and it's deeply deeply disturbing to see what's going on and the level of wealth inequality in this country..."

Q: "Do you consider yourself a libertarian?" https://youtu.be/uN2Dw8AOdMk?t=1957

RC: "Yea, you know generally speaking, the larger and more powerful the government is, the less freedom people have. So I'm in favor of people having more freedom. I think that the greatest advances in society come from the private markets, and that ultimately is capitalism. If you look at the level of innovation in this country, you know from the likes of technology companies as an example, that's an American phenomenon, so in general I'm in favor of more freedom for people."

RC regarding selling of BBBY position: https://youtu.be/uN2Dw8AOdMk?t=2249

Q: you sold that position, why?

RC: "I have a standstill with the company so I have to be careful what I say, so I'll speak more in generalities, my views of the business clearly changed, and I was highly critical of the strategy and in the letter that I put out, in general, it's rare to see a company go from aggressively repurchasing shares to losing alot of money. And so you know when I saw that and I saw the results, my views changed of the business and ultimately I sold."

Q: "You've shared before that everything you know you learned by following in the footsteps of your father, Ted Cohen. What would you say to him if he was still with us?" https://youtu.be/uN2Dw8AOdMk?t=2320

RC: "A lot. I spoke to my father a few hours a day, so I don't even know where I would start ...he would get a kick out of watching everything that's going on. What would I say to him? What would I say to him about what? We'd have a lot to talk about, it would be a very long discussion and I wouldn't know where to start."

Q: "You have a very strong fanbase, what final remarks would you like to leave them with?" https://youtu.be/uN2Dw8AOdMk?t=2343

RC: "I have a very similar sense of humor, I get a kick out of some of the content that gets posted online. It's good, it's very very very good, and some of the content that gets posted online, alot of work goes into it, and it's hilarious. It's right up my alley in terms of that kind of sense of humour. The more provocative the better, I told you I got a really dark sense of humor. So, if it's a long stressful day, there's nothing better than seeing some of the content that gets posted online. The memes -- you know me being a crossdresser, some of those you know I look pretty good in some of those..."

cross-posted from: https://lemmy.world/post/1089895

I just talked to Mainstar Trust and they blamed it on Computershare👀 I'm not sure what to believe🗣 Discussion / Question

I just got off the phone with a lovely Mainstar Trust customer service rep; she knew exactly what I was calling about. Apparently they've had a lot of people call about this letter they sent out:

https://www.reddit.com/r/Superstonk/comments/14pl47h/mainstar_moving_drs_shares_to_dtcc_account/

She said it takes too long to get confirmation of DRSd shares, too long for shares to leave Computershare to get sent there for people to sell, and they don't get their monthly reconciliation reports fast enough. They're no longer offering DRS and are actively un-DRSing people's shares. Interesting.. since Transfer Agents are bound by strict requirements(since the 70's) that include turnaround times for processing and prompt responses to inquiries. According to Computershare's FAQs they complete the transfer the day after the request:

Computershare mentioned broker-dealers and how they don't process things in a timely manner in their recent comment letter for shortened settlement time:

https://www.reddit.com/r/Superstonk/comments/143f9hl/computershares_letter_on_shortening_the/

She said they're waiving any transfer fees until end of August(although I'd call to double check that to make sure) if people want to transfer to another Custodian.

I'm sorry if you have to deal with this, this is ridiculous how difficult it is to DRS IRA shares.

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Reminder. The 65B company (Citadel) stands to lose (at least) $6.5T.

The DTCC, and then the Fed are gunna take that hit.

Tencent is ~250B, and have a sizeable stake in Reddit

Chinese Gov GDP of 17T, has very strong ties to Tencent and its money flow

Cede and Co 34T

Reddit is worth 10B tops, obviously Drew Vollero (Reddit CFO) is making STUPID money under the table to kill his own platform.

The people that are like “rEdDiT wOuLdNt DiE oN pUrPoSe” just don’t understand HOW MUCH MONEY influences these platforms.

They’re killing the gme subreddits soon. I can feel it. They DO NOT want us talking to each other when this kicks off 😂…

I was banned from reddit because I flagged the pinned SEC rule proposal post on r/supersus as misinformation (because it is). That was the last straw. I quit r/supershit and reddit in general. This is now my new home. I trust miller and chives, two actually DRS'd apes. Hello guys.