Central Bank, Stillwater, MN, Assumes Deposits of Commerce Bank of Southwest Florida, Fort Meyers

[FarCenter]

Source: FDIC

Commerce 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. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Commerce Bank of Southwest Florida.

<SNIP>

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million.

Read more: http://www.fdic.gov/news/news/press/2009/pr09211.html

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Starting small in Florida this evening.

[truthisfreedom]

1. Any bets on how many we get tonight? I'll take a stab... 7.

[FarCenter]

2. Either that or another big one in CA

They should be doing a few hundred million per week, and this Florida bank is really small.

[AllentownJake]

4. Next Friday is going to be a big day

Perfect news dump, no one is paying any attention to anything other than shopping or Football the day after Thanks giving.

[HCE SuiGeneris]

6. What?

I didn't hear you. Wiiiiiiii!

sigh

[dixiegrrrrl]

3. Do you think it helped when Eliz Warren said in the hearing

"there could be a 1,000 more banks that will go under soon".
or words very close to that.

I thought to myself, " oh oh....not smart."

If you have not seen the video she said this in, it is fun to watch Geithner squirm under her questoins.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x404752

[AllentownJake]

5. She better stay off small planes

[pravin404]

7. 14 Bank Failures in Florida

14 banks failed in Florida since 2008.
Check all the banks failed in Florida at :
http://portalseven.com/finance/Failed_Banks_State_Wise.jsp?state=FL">http://portalseven.com/finance/Failed_Banks_State_Wise.jsp?state=FL

Central Bank of Stillwater, Minnesota has acquired 4 banks till now including todays Commerce Bank of Southwest Florida.
Check more details at :
http://portalseven.com/finance/Failed_Banks_Acquirer.jsp">http://portalseven.com/finance/Failed_Banks_Acquirer.jsp

[glinda]

8. That is in Bachmann's district.

[CatholicEdHead]

9. Bachmann's home town actually