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One Small Florida Bank Closed - 124th Bank Failure of 2009


Only one small bank failed today. It was Commerce Bank of Southwest Florida which had only one branch in Fort Myers. The FDIC arranged for another bank, Central Bank in Minnesota, to assume all deposits, even those above the FDIC limit.

Last Friday I missed a credit union liquidation. Ensign Federal Credit Union of Henderson, Nevada was closed by the NCUA on 11/13/2009. The NCUA arranged for EDS Credit Union of Plano, Texas to assume member share accounts. This was the 13th federally-insured credit union liquidation for 2009 (see NCUA press release). According to this Las Vegas Review-Journal article, "All of Ensign's members deposits were under the $250,000."

Calculated Risk Blog updated its unofficial list of problem banks. The number of banks is now up to 513.

Below is a summary of today's bank failure:

124th Bank Failure of 2009 (12th in FL)
  • FDIC Press Release
  • Closed Bank: Commerce Bank of Southwest Florida, Fort Myers, FL
  • Size: 1 branch, $79.7 million in assets, $76.7 million in deposits
  • Possible Uninsured Deposits: All deposits transferred, except some brokered deposits
  • Acquiring Bank: Central Bank, Stillwater, MN
  • Rate Changes: Central Bank will review rates
  • Estimated Cost to Deposit Insurance Fund: $23.6 million
  • Financial Ratings: 1 star (lowest) at Bankrate.com, 0 star (lowest) at BauerFinancial
Bankrate's and BauerFinancial's ratings are based on 6/30/09 data.


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