Florida-based Banesco USA is expanding its presence in that southern U.S. market through the acquisition of all of the deposits of Security Bank, National Association, through a Federal Deposit Insurance Corporation-assisted transaction.
Banesco has presence on the island, with an operation it opened in Hato Rey in September 2011 through a $1 million investment.
As 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 three branches of Security Bank, National Association will reopen today as branches of Banesco USA, the FDIC said. Former Security Bank, National Association customers will automatically become depositors of Banesco USA, while deposits will continue to be insured by the FDIC.