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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Florida Bank Fails

OCC closes $101 million institution

May 7, 2012

By staff

The country's regulator of national banks took down a Florida financial institution last week. The bank had already been hit with three regulatory actions including a cease-and-desist order.

Security Bank, N.A., was closed down Friday by the Office of the Comptroller of the Currency. The OCC's move came only after the bank experienced substantial dissipation of assets and earnings as a result of unsafe and unsound practices.

"The OCC also found that the bank incurred losses that depleted its capital, the bank is critically undercapitalized, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance," a statement said.

In October 2010, the OCC issued a civil money penalty against Security Bank executive Harold Connell, while an OCC cease-and-desist order was issued in May 2010. More recently, on March 23, the OCC issued a prompt corrective action against Security Bank.

Deposits totaled $99 million as of March 31, while there were $101 in total assets including $39 million in residential loans, $26 million in commercial real estate loans and $1 million in construction-and-development assets. Deposits and assets were taken over by Banesco USA.

The North Lauderdale, Fla., bank opened for business in 1980. It employed 43 people as of the end of last year.

The OCC appointed the Federal Deposit Insurance Corp. as receiver.

The failure of Security Bank is expected to cost the Deposit Insurance Fund $11 million.

Security Bank was the 23rd FDIC-insured bank to fail in 2012.

So far this year, Mortgage Daily has tracked to closing or failure of 38 mortgage-related entities including eight non-bank lenders and seven credit unions.

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