David Marchese

The new bank became a point of pride for Elkhart, even after it was taken over in the early 1990s by a holding company called Kansas Bank Corporation. Around that time, Haynes, who grew up in nearby Keys, Oklahoma, started at the bank as a loan officer.

He rose up the ranks and was eventually named president in 2008, earning acclaim for his fluency in both the language of finance and the farming vernacular of his neighbors. A part-time preacher at a local church, Haynes embodied a certain small-town ideal. He lived in a nice house with his wife and three daughters and volunteered at high school football games.

He rose up the ranks and was eventually named president in 2008, earning acclaim for his fluency in both the language of finance and the farming vernacular of his neighbors. A part-time preacher at a local church, Haynes embodied a certain small-town ideal. He lived in a nice house with his wife and three daughters and volunteered at high school football games.

But in 2011, the leaders of the Kansas Bank Corporation grew concerned about Haynes, according to Tina Call, who served on the company's board at the time. They had discovered problems in his loan portfolio, borrowers who lacked sufficient collateral, financial paperwork that didn't seem to add up. Haynes was eventually fired for reasons that remain in dispute years later.

But in 2011, the leaders of the Kansas Bank Corporation grew concerned about Haynes, according to Tina Call, who served on the company's board at the time. They had discovered problems in his loan portfolio, borrowers who lacked sufficient collateral, financial paperwork that didn't seem to add up. Haynes was eventually fired for reasons that remain in dispute years later.

A lawyer for Haynes says he was simply a casualty of downsizing at the bank. Call says that explanation is completely false. Regardless, Haynes still had a powerful network in Elkhart, local allies who helped him turn a career setback into a business opportunity.

A lawyer for Haynes says he was simply a casualty of downsizing at the bank. Call says that explanation is completely false. Regardless, Haynes still had a powerful network in Elkhart, local allies who helped him turn a career setback into a business opportunity.

Just as Bill Tucker had 30 years earlier, Haynes assembled a group of local investors who started a bid to buy the bank and restore control of the most important institution in Elkhart to people who actually lived there. In 2012, Haynes returned as president of Heartland, which adopted an ownership structure that has become common across America.

Just as Bill Tucker had 30 years earlier, Haynes assembled a group of local investors who started a bid to buy the bank and restore control of the most important institution in Elkhart to people who actually lived there. In 2012, Haynes returned as president of Heartland, which adopted an ownership structure that has become common across America.

The bank was controlled by a group of roughly 35 local investors, including Haynes and his wife, as well as Jim Tucker and his father. No one outside Elkhart would dictate the bank's future, and all the profits would flow back into the area.

The bank was controlled by a group of roughly 35 local investors, including Haynes and his wife, as well as Jim Tucker and his father. No one outside Elkhart would dictate the bank's future, and all the profits would flow back into the area.

For years, under Haynes' leadership, Heartland generated a reliable dividend, money the bank's shareholders invested in their farms, saved for retirement, or spent on nursing home care for aging relatives. Elkhart's financial culture was the polar opposite of the crypto ethos that began to go mainstream around the time this new iteration of Heartland was founded.

For years, under Haynes' leadership, Heartland generated a reliable dividend, money the bank's shareholders invested in their farms, saved for retirement, or spent on nursing home care for aging relatives. Elkhart's financial culture was the polar opposite of the crypto ethos that began to go mainstream around the time this new iteration of Heartland was founded.

Early crypto proponents envisioned a fully automated form of exchange. No bankers, no middlemen, just lines of computer code whose techno-rationality would eliminate any need for interpersonal trust. As a career banker, Haynes was skeptical. He once told a colleague that anyone who used crypto must have, quote, something they are trying to hide.

Early crypto proponents envisioned a fully automated form of exchange. No bankers, no middlemen, just lines of computer code whose techno-rationality would eliminate any need for interpersonal trust. As a career banker, Haynes was skeptical. He once told a colleague that anyone who used crypto must have, quote, something they are trying to hide.

Yet, in December 2022, after the woman using the name Bella approached him on social media, Haynes began buying cryptocurrencies himself. Bella claimed that her aunt ran a crypto firm in Australia, and she introduced Haynes to a website that resembled a crypto investment platform. Soon, she and Haynes were exchanging frequent messages on WhatsApp, usually multiple times a day.

Yet, in December 2022, after the woman using the name Bella approached him on social media, Haynes began buying cryptocurrencies himself. Bella claimed that her aunt ran a crypto firm in Australia, and she introduced Haynes to a website that resembled a crypto investment platform. Soon, she and Haynes were exchanging frequent messages on WhatsApp, usually multiple times a day.

By the standards of Elkhart, Haynes was already a wealthy man, but this investment apparently required colossal sums. Within months, he had dipped into his daughter's college fund, spending $60,000 on digital currencies.

By the standards of Elkhart, Haynes was already a wealthy man, but this investment apparently required colossal sums. Within months, he had dipped into his daughter's college fund, spending $60,000 on digital currencies.

Online scams are as old as the internet, but the rise of crypto has given con artists a valuable new tool, digital coins that can be transferred instantly without oversight from banks legally obligated to monitor transactions for malfeasance. In 2023, crypto fraud cost American investors an estimated $4.8 billion, according to the FBI.