Regulators close small bank in Florida

AP News
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Posted: Aug 02, 2013 5:24 PM

WASHINGTON (AP) — Regulators say they have closed a small bank in Florida, bringing the number of U.S. bank failures to 17 this year.

The Federal Deposit Insurance Corp. said Friday that it has taken over First Community Bank of Southwest Florida, based in Fort Myers, Fla.

The lender also operated as Community Bank of Cape Coral and had seven branches.

First Community Bank had about $265.7 million in assets and $254.2 million in deposits as of March 31.

C1 Bank, based in St. Petersburg, Fla., agreed to assume all of the failed bank's deposits and to buy essentially all its assets.

The failure of First Community Bank is expected to cost the deposit insurance fund $27.1 million.

The lender is the third bank in Florida to fail this year.