Number Three Fails

The third ranked bank on the list, Security Bank, NA of North Lauderdale, Florida, was closed today by the Office of the Comptroller of the Currency.  Banesco USA (3317th) of Coral Gables, Florida, has entered into a purchase and assumption agreement with the FDIC to assume all of the approximately $99.1 million in total deposits Security Bank. In addition, they will purchase nearly all of the $101.0 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million.