Commerce Bank of Southwest Florida seized

Federal banking regulators have shuttered and sold Commerce Bank of Southwest Florida in Fort Myers bank to Central Bank, of Stillwater, Minn. It was Florida’s 12th bank failure of 2009, giving the state a nearly 10 percent share of the 124 bank failures nationwide. Central Bank has been on an acquisition campaign to purchase failed small banks; this marks its first foray into Florida. The Federal Deposit Insurance Corp. was appointed receiver of the failed bank by the Florida Office of Financial Regulation. The federal agency estimates the losses will cost its insurance fund about $23.6 million. [Miami Herald]