The Office of the Comptroller of the Currency closed Security Bank in North Lauderdale, Fla., on Friday, bringing the total number of failures so far in 2012 to 23.
As the receiver of the $101 million-asset bank, the Federal Deposit Insurance Corp. sold Security Bank's assets to Banesco USA in Coral Gables, Fla., without a loss-sharing agreement. Banesco also agreed to assume the bank’s $99.1 million in deposits.
The FDIC said the failure is expected to cost the Deposit Insurance Fund $10.8 million. Although Florida has been a hub of failure activity since the beginning of the banking crisis in 2008, the Sunshine State had experienced a brief reprieve. First Guaranty Bank and Trust in Jacksonville was the last bank closed there, on Jan. 27.