The Florida Office of Financial Regulation closed down the First Community Bank of Southwest Florida, a small bank based in Fort Myers. The closure brings the tally of bank failures all over the United States to 17 for 2013. First Community is the third bank in Florida to close its doors this year. C1 Bank, who is based in Saint Petersburg, Florida, will be taking over the failed bank as agreed upon in the purchase-and-assumption deal it has with the Federal Deposit Insurance Corp (FDIC).
The failed bank also operated under the name of Community Bank of Cape Coral. Its total assets reached about USD 265.7 million and its total deposits as of March 31 was pegged at USD 254.2 million. Under the terms of the agreement, C1 Bank will buy all of First Community's bank deposits as well as its assets. This makes the depositors of First Community the depositors of C1 Bank. The FDIC will also continue to insure all their deposits for up to USD 250,000 per depositor. Estimates from the FDIC revealed that First Community's failure will cost the Deposit Insurance fund some USD 27.1 million.
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