FDIC Friday ~ May 4, 2012

[Copper Catcher]

Banesco USA, Coral Gables, Florida, Assumes All of the Deposits of Security Bank, National Association, North Lauderdale, FloridaAs of March 31, 2012, Security Bank, National Association had approximately $101.0 million in total assets and $99.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Banesco USA agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million. Compared to other alternatives, Banesco USA's acquisition was the least costly resolution for the FDIC's DIF. Security Bank, National Association is the 23rd FDIC-insured institution to fail in the nation this year, and the third in Florida. The last FDIC-insured institution closed in the state was First Guaranty Bank and Trust Company of Jacksonville, in Jacksonville, on January 27, 2012.