Regulators shut down Florida's only black-owned bank Friday, selling its deposits and most of its assets to another African-American-owned bank.

Peoples National Bank of Commerce, a $38 million-asset institution in Miami, became the fifth bank overall -- and the second owned by minorities -- to fail this year. Its two branches and all but $3.6 million of its other assets were acquired by $108 million-asset Boston Bank of Commerce, the only bank to submit a bid.

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