On Friday a small Florida bank was shut down by regulators bringing the total number of bank closings this year to 119 amid mounting loan defaults

Horizon Bank’s $164.6 million in deposits is going to be moved to Bank of the Ozarks, centered in Little Rock, Arkansas, based on an  announcement on the Federal Deposit Insurance Corp.’s website. The collapse of Horizon Bank is estimated to set the deposit insurance fund back $58.9 million. Horizon Bank is the 23rd financial institution to go under in Florida in 2010.

The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis

Depositors' money - insured up to $250,000 per account - is not at risk, with the FDIC backed by the government. That insurance cap was made permanent in the financial overhaul law enacted in July.