Reuters: Regulatory News: Florida's Security Bank, National Assn. fails

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Florida's Security Bank, National Assn. fails May 4th 2012, 22:42 By Alexandra Alper WASHINGTON | Fri May 4, 2012 6:42pm EDT WASHINGTON May 4 (Reuters) - The Office of the Comptroller of the Currency closed one Florida bank on Friday, bringing the total number of closures this year to 23. Security Bank, National Association of North Lauderdale, Florida was shut down. As of March 31, 2012, the bank had approximately $101 million in total assets and $99.1 million in deposits. Banesco USA, of Coral Gables, Florida, has agreed to take on the failed bank's deposits and essentially all of its assets. Security Bank, National Association's three branches will reopen on Monday as branches of Banesco USA. The FDIC estimates the failure will cost its insurance fund $10.8 million. The pace of bank failures has slowed since the financial crisis. In 2010, 157 banks with $92.1 billion in total assets failed while 92 institutions with $34.9 billion in total assets were closed in 2011. Last month, FDIC Acting Chairman Martin Gruenberg said his agency expected a total of 50 to 60 banks to be closed this year. [ID: nL2E8FHFSY] Smaller banks, particularly those with less than $1 billion in assets, have made up the majority of closures in the past few years. Link this Share this Digg this Email Reprints

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