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

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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 07:24 PM
Original message
Central Bank, Stillwater, MN, Assumes Deposits of Commerce Bank of Southwest Florida, Fort Meyers
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



Starting small in Florida this evening.
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truthisfreedom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 07:27 PM
Response to Original message
1. Any bets on how many we get tonight? I'll take a stab... 7.
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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 07:58 PM
Response to Reply #1
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.
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 10:28 PM
Response to Reply #1
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.
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 10:55 PM
Response to Reply #4
6. What?
I didn't hear you. Wiiiiiiii!


sigh

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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 09:07 PM
Response to Original message
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.ph...
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 10:44 PM
Response to Reply #3
5. She better stay off small planes
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pravin404 Donating Member (12 posts) Send PM | Profile | Ignore Sat Nov-21-09 08:22 AM
Response to Original message
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....

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.js...
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glinda Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-21-09 11:53 AM
Response to Reply #7
8. That is in Bachmann's district.
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-21-09 09:58 PM
Response to Reply #8
9. Bachmann's home town actually
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