Bank Failure
Horizon Bank
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Closed June 26, 2009 · Pine City, MN · FDIC Cert #9744.
- Closing date
- June 26, 2009
- Headquarters
- Pine City, MN
- FDIC Certificate
- 9744
- Total assets at closing
- $84.8M
- Total deposits at closing
- $69.3M
- Estimated loss to the insurance fund
- $24.0M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Stearns Bank, N.A.
Context
On June 26, 2009, regulators closed Horizon Bank, headquartered in Pine City, MN. At closing, the institution held approximately $84.8M in assets and $69.3M in deposits. The FDIC record names Stearns Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $24.0M.
By assets at closing this is the 1299th largest of the 3,526 bank failures in the FDIC record, and the 118th of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Horizon Bank fail?
Horizon Bank was closed by regulators on June 26, 2009.
Who acquired Horizon Bank?
The FDIC record names Stearns Bank, N.A. as the acquiring institution in the resolution of Horizon Bank.
How big was Horizon Bank when it failed?
Horizon Bank had approximately $84.8M in total assets and $69.3M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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