Bank Failures – how many tonight?
by Tom on November 20, 2009
in Market Musings, banks
Calculated Risk: Bank Failure #124 in 2009: Commerce Bank of Southwest Florida, Fort Myers, Florida
From the FDIC: Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Commerce Bank of Southwest Florida, Fort Myers, FloridaCommerce Bank of Southwest Florida, Fort Myers, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of August 28, 2009, Commerce Bank of Southwest Florida had total assets of $79.7 million and total deposits of approximately $76.7 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million. …. Commerce Bank of Southwest Florida is the 124th FDIC-insured institution to fail in the nation this year, and the twelfth in Florida. The last FDIC-insured institution closed in the state was Orion Bank, Naples, on November 13, 2009.
