Florida Based Banesco USA Assumes All Deposits and Purchases Assets of Security Bank, National Association

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May 05, 2012, 11:01 ET

CORAL GABLES, Fla., May 5, 2012 /PRNewswire/ -- Florida based Banesco USA announced today that it has entered into a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation ("FDIC") as a whole bank transaction to purchase the assets and to assume all of the deposits of Security Bank, National Association headquartered in North Lauderdale, FL.

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After the close of business on Friday, May 4, 2012 the Office of the Comptroller of Currency ("OCC"), closed Security Bank, National Association and the FDIC was appointed receiver. Depositors of Security Bank, National Association will automatically become depositors of Banesco USA and the deposits will continue to be insured by the FDIC. Security Bank, National Association locations will reopen on Monday as branches of Banesco USA at normal banking hours and customers will be able to conduct banking business as usual. Former Security Bank customers can access their monies by writing checks, using ATMs, debit cards or the Internet. Checks drawn on the bank will continue to be accepted. Loan customers should also continue to make their payments as usual.

Rafael (Rafo) F. Saldana, President and CEO of Banesco USA commented, "We are pleased to welcome Security Bank customers to the Banesco family. We want to assure all customers of Security Bank that all of their deposits are safe and accessible and that they will have the best financial products and services at their disposal."

He continued, "As a local bank with a solid history in South Florida we are strongly focused on financial strength, relationships and service that exceeds our customers' expectations. We look forward to getting to know and support our new customers from Security Bank. As our slogan states, we are 'Here With You.'"

Security Bank deposit customers will receive a letter providing additional details concerning their accounts and are encouraged to visit www.BanescoUSA.com or call our Doral West Branch at (305) 403-3050, our Coral Way Branch at (305) 858-1060 or our North Lauderdale Branch at (954) 971-9890 for additional information.

Customers who have questions about today's transaction can call the FDIC toll free at 1-800-523-8209. This number will be operating Friday until 9:00 pm, EDT; Saturday from 9:00 am to 6:00 pm, EDT; Sunday from Noon to 6:00 pm, EDT; Monday from 8:00 am to 8:00 pm, EDT and thereafter from 9:00 am to 5:00 pm, EDT.

About Banesco USA:

Banesco USA (Banesco) is a commercial Bank headquartered in Coral Gables, Florida. We are a federally-insured bank (FDIC) and also regulated by the Florida Office of Financial Regulation (OFR). Banesco USA is an independent, growing and, most of all, strong South Florida state-chartered bank with local roots and international reach. We are a well-capitalized and top-rated financial institution.

We are an integrated financial services organization dedicated to meeting the needs of our customers and satisfying them through relationships based on mutual trust, easy access and excellence in service. Banesco USA combines tradition and innovation, with the best human talent and advanced technology.

We are committed to our customers and the community we serve.

It is our mission to bring our customers person-to-person banking services of uncompromising standards that enhance the effectiveness of all your financial plans and goals in business and in life.

Website: www.banescousa.com

SOURCE Banesco USA