Friday, May 04, 2012

Bank Failure #23 in 2012: Security Bank, National Association, North Lauderdale, Florida

by Bill McBride on 5/04/2012 09:22:00 PM

Security Bank
Once graceful on a tight rope
Fell as gator chum
by Soylent Green is People

From the FDIC: Banesco USA, Coral Gables, Florida, Assumes All of the Deposits of Security Bank, National Association, North Lauderdale, Florida
As of March 31, 2012, Security Bank, National Association had approximately $101.0 million in total assets and $99.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.8 million. ... Security Bank, National Association is the 23rd FDIC-insured institution to fail in the nation this year, and the third in Florida.
Earlier on the employment report:
April Employment Report: 115,000 Jobs, 8.1% Unemployment Rate
April Employment Summary and Discussion
More Graphs: Construction Employment, Duration of Unemployment, Unemployment by Education and Diffusion Indexes
All Current Employment Graphs

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