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Florida Bank Failure Raises Tally to 17

After nearly two months with no activity, ""FDIC's"":http://fdic.gov/ list of bank failures grew by one on Friday with the closure of First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral).

The Fort Myers-based bank was closed by the Florida Office of Financial Regulation, which appointed FDIC as receiver.

To protect depositors, C1 Bank has agreed to take on all of the collapsed bank's estimated $254.2 million in deposits and will purchase essentially all of its $265.7 million in total assets. The cost to the Deposit Insurance Fund will be an estimated $27.1 million.

First Community Bank of Southwest Florida is the third institution to fall this year in Florida. Nationally, the bank failure tally now sits at 17 year-to-date.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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