Failed Bank List

Closed Friday, November 20, 2009 · Fort Myers, Lee County, Florida

Commerce Bank of Southwest Florida

Commerce Bank of Southwest Florida failed four years after it opened in 2005. In the three years to the first quarter of 2008, its assets grew 629%. Equity capital was below zero at its last report.

On the books, 2005 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$25M$50M$75M$100M2006200720082009Closed
Total assets peaked at $82.9 million and were 14% lower at the final report. Equity capital had covered 68% of assets in the third quarter of 2005. By then 18% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the five reporting years on file before it closed. The deepest annual loss, $7.4 million, was booked in 2009 in only part of the year.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end−$8M2005: −$643 thousand200548%2006: −$1.3 million200613%2007: −$508 thousand20078.4%2008: −$3.1 million20086.9%2009: −$7.4 million2009*neg.
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Commerce Bank of Southwest Florida in red.

By assets it ranked 125th of the 140 failures in 2009. Within Florida it ranks 122nd by size of the 179 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Pinnacle Bank of Beaverton, Oregon ($71.9 million, loss 14% of assets); just below, Bank of Wyoming of Thermopolis, Wyoming ($70.2 million, loss 46% of assets). Every 2009 failure in the explorer.

Failures in Florida

In 2009 regulators closed 14 banks in Florida; this was the 12th. The previous failure there was Century Bank, F.S.B. of Sarasota, on November 13, 2009. The next was Republic Federal Bank, N.A. of Miami, on December 11, 2009. Lee County has 4 failed banks on FDIC record since 1934. The others: Merchant National Bank (1992), Riverside Bank of the Gulf Coast (2009), First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral) (2013).

Bank failures in Florida per year, 1980 to 2026081624321980: 11982: 11984: 21985: 31986: 51987: 61988: 51989: 191990: 211991: 231992: 91993: 11999: 22002: 22004: 12008: 22009: 142010: 292011: 132012: 82013: 42014: 12015: 12020: 119801990200020102020
Per year since 1980, 2009 in red. Every Florida failure

The acquiring bank

Central Bank of Stillwater, Minnesota took over six failed banks between 2000 and 2026. The others:

All 6 banks it took over.

  • Mainstreet BankForest Lake, MN · August 28, 2009
  • Jennings State BankSpring Grove, MN · October 2, 2009
  • Riverview Community BankOtsego, MN · October 23, 2009
  • Rosemount National BankRosemount, MN · April 15, 2011
  • The RiverBankWyoming, MN · October 7, 2011

FDIC certificate 58016 · loss estimate as of July 31, 2026 · How to read this page