Monday, September 13, 2010

F.D.I.C. Takes Over Florida Bank

September 10, 2010

By THE ASSOCIATED PRESS
WASHINGTON (AP) — Regulators on Friday shut down a small Florida bank, bringing to 119 the number of bank failures this year.
The Federal Deposit Insurance Corporation took over Horizon Bank, based in Bradenton, Fla., with $187.8 million in assets and $164.6 million in deposits. Bank of the Ozarks, based in Little Rock, Ark., agreed to assume the assets and deposits of the failed bank.
In addition, the F.D.I.C. and the Bank of the Ozarks agreed to share losses on $150.4 million of Horizon Bank’s loans and other assets.
The failure of Horizon Bank is expected to cost the deposit insurance fund $58.9 million. It was the 23rd bank in Florida to fail this year.
With 119 closures nationwide so far this year, the pace of bank failures exceeds that of 2009, which was already a brisk year for shutdowns.