FDIC closes small bank in Florida

By: ap Email
By: ap Email

WASHINGTON (AP) -- Federal regulators have closed down a small bank in Florida, bringing to 23 the number of U.S. banks that have failed so far this year.

The Federal Deposit Insurance Corp. said Friday that it shuttered Security Bank NA in North Lauderdale.

The bank had about $101 million in assets and $99.1 million in deposits as of March 31.

Banesco USA, based in Coral Gables, Fla., agreed to take over the assets and deposits of the failed bank, which had three branches.

The FDIC estimates that Security Bank's failure will cost the insurance fund $10.8 million.

Security Bank, National Association is the third FDIC-insured institution to fail this year in Florida.

AP-WF-05-04-12 2226GMT

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