As of June 30, 2010, Horizon Bank had approximately $187.8 million in total assets and $164.6 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Horizon Bank. In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets.
The FDIC and Bank of the Ozarks entered into a loss-share transaction on $150.4 million of Horizon Bank's assets. Bank of the Ozarks will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector.
** Note recently I read 80% of all home mortgages in FL are under water!
