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.
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