One Bank Closed on Nov. 20
Commerce Bank of Southwest FL. is 153rd Failed Institution of 2009 Commerce Bank of Southwest Florida, Fort Myers, Florida, was closed on Nov. 20 by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered then into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Commerce Bank of Southwest Florida.In all, 153 institutions -- 124 banks and 29 credit unions -- have failed so far in 2009.
The sole branch of Commerce Bank of Southwest Florida will reopen on Monday as a branch of Central Bank. Depositors of Commerce Bank of Southwest Florida will automatically become depositors of Central Bank.
As of August 28, 2009, 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. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million. The last FDIC-insured institution closed in the state was Orion Bank, Naples, on November 13, 2009.
