Regulators closed Commerce Bank of Southwest Florida Friday, the Sunshine State's third failure in a week.
The collapse of the $80 million-asset bank in Fort Myers was the industry's 124th failure this year. The Federal Deposit Insurance Corp. sold Commerce's operations to Central Bank in Stillwater, Minn.
Central agreed to assume all of Commerce's $77 million of deposits, and will not pay a premium. The acquirer also agreed to take over virtually all of the failed bank's assets, and will share losses with the FDIC on a $61 million portion of those assets. The failure was estimated to cost the government $23.6 million.
The failure followed two collapses in the state on Nov. 13, when regulators closed $2.7 billion-asset Orion Bank in Naples, and $728 million-asset Century Bank in Sarasota.