Commerce Bank Of Southwest Florida Closed; FDIC Appointed Receiver

The Florida Office of Financial Regulation closed Fort Myers, Fla.-based Commerce Bank of Southwest Florida Friday and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver.

The FDIC has entered into a purchase and assumption agreement with Central Bank, Stillwater, Minn., to assume all of the deposits of Commerce Bank of Southwest Florida.

As of Aug. 28, Commerce Bank of Southwest Florida had total assets of $79.7 million and total deposits of approximately $76.7 million. Central Bank did not pay a premium to assume all of the deposits of Commerce Bank of Southwest Florida, the FDIC says.

The FDIC and Central Bank entered into a loss-share transaction on approximately $61 million of Commerce Bank of Southwest Florida's assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $23.6 million

Commerce Bank of Southwest Florida is the 124th FDIC-insured institution to fail in the nation this year, and the 12th in Florida.

SOURCE: Federal Deposit Insurance Corp.

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