FORT MYERS, Fla. – The FDIC shut down Commerce Bank of Southwest Florida Friday and assigned the remnants of the failed institution to Central Bank of Stillwater, Minn.
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The $79.7 million institution is the 124th bank failure so far in 2009.
The single branch of Commerce Bank will reopen on Monday as a branch of Central Bank.
Friday's closure will cost the FDIC an estimated $23.6 million.
After factoring in expected closures, the agency says its insurance fund is in the red and will remain there through 2012. Over the next four years, the agency expects bank closures will cost $100 billion.
