Horizon Bank becomes year's 119th bank failure

(MarketWatch) -- Horizon Bank of Bradenton, Fla., became the 119th U.S. bank failure of 2010, according to the Federal Deposit Insurance Corp. on Friday.

Bank of the Ozarks (OZRK 36.61, -0.36, -0.97%) will assume Horizon's $164.6 million in deposits and purchase its $187.8 million in assets.

The bank failure marks the 23rd in Florida this year. The cost to the Deposit Insurance Fund is $58.9 million, FDIC said.