Florida Bank Goes Under Lifting Tally to 23

first_img Share May 7, 2012 446 Views in Government, Origination, Servicing Florida Bank Goes Under, Lifting Tally to 23center_img Federal regulators shuttered a Florida bank Friday, raising the national bank failure tally so far this year to 23.[IMAGE]The “”Office of the Comptroller of the Currency””:http://www.occ.treas.gov/ (OCC) closed the North Lauderdale-based Security Bank, National Association, and appointed the “”FDIC””:http://www.fdic.gov/ receiver.[COLUMN_BREAK]The financial institution went under with $101 million in total assets and $99.1 million in total deposits.Coral Gables-based “”Banesco USA””:http://www.banescousa.com/ assumed all of the deposits of Security Bank and purchased essentially all of its assets by entering into a purchase-and-assumption agreement with the FDIC. Three branches also reopened Monday under the Banesco brand.Rafael Saldana, president and CEO of Banesco, welcomed Security Bank customers in a statement. “”As a local bank with a solid history in South Florida, we are strongly focused on financial strength, relationships and service that exceeds our customers’ expectations,”” he said.The costs to the agency’s Deposit Insurance Fund totaled $10.8 million, a fact the FDIC said marked “”the least costly resolution”” for it this year.Bank failures continue to dwindle this year in comparison with failures in recent years. Ninety-two institutions went under last year, an improvement from 157 in 2010. Acquisitions Agents & Brokers Bank Failure FDIC Investors Lenders & Servicers OCC Processing Service Providers 2012-05-07 Ryan Schuettelast_img

Leave a Reply

Your email address will not be published. Required fields are marked *