Posted on 09/12/2010 11:32:26 AM PDT by Libloather
Horizon Bank Fails; 2010 Total at 119
By Philip van Doorn
09/11/10 - 10:42 AM EDT
BRADENTON, Fla. (TheStreet) - Florida regulators on Friday shut down Horizon Bank of Bradenton, bringing the total number of bank failures for 2010 to 119.
The failed bank was included in TheStreet's Bank Watch List of undercapitalized institutions, based on second-quarter regulatory data provided by SNL Financial. Horizon Bank was undercapitalized since the second quarter of 2009, when a $6.9 million net loss pushed the institution's Tier 1 leverage ratio down to 4.04% and its total risk-based capital ratio to 6.66%.
These ratios need to be at least 5% and 10% for most banks and thrifts to be considered well-capitalized by regulators. The capital ratios need to be at least 4% and 8% for most to be considered adequately capitalized.
**SNIP**
After Horizon bank failed, the Federal Deposit Insurance Corporation was appointed receiver and sold the failed institution to Bank of the Ozarks (OZRK) of Little Rock, Ark. The FDIC agreed to share in losses on $150 million of the acquired assets.
Horizon Bank's four offices were set to reopen Monday as branches of Bank of the Ozarks.
This was the third purchase of a failed bank this year by Bank of the Ozarks, following Unity National Bank of Cartsville, Ga., which failed in March and Woodlands Bank of Bluffton, S.C., which was closed in July.
(Excerpt) Read more at thestreet.com ...
Did I forget any?
America fails.
This is not getting any better. Bank of the Ozarks Already has 89-million in troubled assets as of March 31st.
http://banktracker.investigativereportingworkshop.org/banks/arkansas/little-rock/bank-of-the-ozarks/
Little Rock. *Crinton country.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.