The over/under on bank failures is 4; if you picked under, you are apparently a winner. Commerce Bank of Southwest Florida falls to Central Bank. What exactly is the connection between a Stillwater Minnesota bank and a Fort Myers Florida bank? Deductible business trips, baby (all winter long).

The incredible recovery continues with 9 bank failures so far in the month of November. I’m counting on the after-Christmas Commercial Real Estate Collapse to really spike the bank failure Friday.

(We will update if needed). Good night and good luck.

# 124 - Commerce Bank of Southwest Florida, Fort Myers, Florida, was closed Friday, November 20, 2009 by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. Central Bank, Stillwater, Minnesota will assume all of the deposits of Commerce Bank of Southwest Florida.

Commerce Bank of Southwest Florida had total assets of $79.7 million and total deposits of approximately $76.7 million, and one branch. Central Bank did not pay a premium to assume all of the deposits of Commerce Bank of Southwest Florida.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million. Commerce Bank of Southwest Florida is the 124th FDIC-insured bank failure in the nation this year, and the twelfth in Florida.

Cert # 58016

Sinclair Noe

Bank-o-meter.com

Eat the bankers

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