Jeehan Fernandez – AHN News Writer
Bradenton, Florida, United States (AHN) – Horizon Bank based in Bradenton was shut down Friday by the Florida Office of Financial Regulation and received by the Federal Deposit Insurance Corporation (FDIC) to protect depositors.
The closure listed Horizon Bank as the 119th FDIC-insured institution to fail nationwide this year and the 23rd in Florida. The last closure in the state was that of Community National Bank at Bartow, Bartow Aug. 20.
The Bank of the Ozarks based in Little Rock, Arkansas has assumed all deposits of Horizon Bank following a purchase and assumption agreement with FDIC.
The four branches of Horizon Bank will reopen Monday as branches of Bank of the Ozarks with depositors of the former automatically transferred to the latter.
“Deposits will continue to be insured by FDIC, so there’s no need for customers to change their banking relationship to retain their deposit insurance coverage,” FDIC said in a statement.
Customers of Horizon Bank should continue to use their existing branch until they receive notice from Bank of the Ozarks on completion of systems changes to allow its other branches to process their accounts as well.
Over the weekend, depositors of Horizon Bank can access their money by writing checks or using ATM or debit cards. Checks dr
