MIAMI - Peoples National Bank of Commerce said it has been purchased by a group of south Florida businessmen that includes Garth Reeves Sr., publisher of The Miami Times, which serves the city's black community.

The bank, with $20 million in deposits, had been owned by the Federal Deposit Insurance Corp. as a result of its seizure of Southeast Bank of Miami. Southeast Bank had taken control in a foreclosure proceeding.

Other members of the ownership group are William Armstrong, owner of Hollywood Ford; Wayman Adkins, owner of Consolidated Techniques, a contracting company; and Thaddeus Wilcox, president and chief executive of Peoples National since 1989 and a former executive at Southeast Bank of Miami.

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