Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, May 4, 2012
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.
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