BRADENTON - Another local bank has failed.
This time, the Federal Deposit Insurance Corp. took over the Bradenton-based Horizon Bank with $195 million in assets and $11.4 million in deposits.
The Bank of the Ozarks, headquartered in Little Rock, Arkansas, entered into a purchase agreement with the FDIC to assume Horizon’s deposits, which will continue to be insured by the FDIC. The bank entered into a loss share transaction worth $150.4 million.
Four branches of Horizon will open Monday as Bank of the Ozarks.
Horizon is the 119th bank in the U.S. to fail this year. Horizon Bank had $14.2 million in nonperforming loans through June 30, was approaching the end of federal regulators’ 90-day deadline to raise a minimum of $8.5 million or face further enforcement. The Federal Reserve Bank of Atlanta issued a prompt corrective action directive May 27, ordering the company to increase equity.
This evening and over the weekend, depositors of Horizon Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual, according to the FDIC.