Minn.-based bank assumes assets of closed Florida institution
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Florida banking regulators have shut down Commerce Bank of Southwest Florida, marking the 124th U.S. bank to succumb this year to the struggling economy and rising loan defaults.
The Federal Deposit Insurance Corp. on Friday took over the small bank in Fort Myers, Fla., with $79.7 million in assets and $76.7 million in deposits.
Central Bank, based in Stillwater, Minn., agreed to assume the deposits and assets of Commerce Bank of Southwest Florida. The failed bank's sole branch will reopen Monday as a branch of Central Bank.
The failure of Commerce Bank is expected to cost the federal deposit insurance fund about $23.6 million.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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