Bradenton, Fla.-based Horizon Bank was closed Friday by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corp. (FDIC), as receiver, entered into a purchase-and-assumption agreement with Bank of the Ozarks in Little Rock, Ark., to assume all of the deposits of Horizon Bank.
This was the first bank closure announced by the FDIC in weeks but the 119th FDIC-insured institution to fail this year and the 23rd bank failure in Florida this year.
In addition to assuming Horizon Bank's deposits, Bank of the Ozarks agreed to purchase essentially all of the failed bank's assets. As of the end of June, Horizon held approximately $187.8 million in total assets and $164.6 million in total deposits.
The FDIC estimates that the cost to its Deposit Insurance Fund will be $58.9 million.
SOURCE: Federal Deposit Insurance Corp.