Regulators have shut down a small Florida bank, bringing to 119 the number of U.S. bank failures this year amid mounting loan defaults.

The Federal Deposit Insurance Corp. on Friday took over Horizon Bank, based in Bradenton, Florida, with $187.8 million in assets and $164.6 million in deposits. Bank of the Ozarks, based in Little Rock, Arkansas, agreed to assume the assets and deposits of the failed bank.

The failure of Horizon Bank is expected to cost the deposit insurance fund $58.9 million.