Friday, August 02, 2013

Bank Failure #17 in 2013: First Community Bank of Southwest Florida

by Bill McBride on 8/02/2013 05:52:00 PM

From the FDIC: C1 Bank, Saint Petersburg, Florida, Assumes All of the Deposits of First Community Bank of Southwest Florida, Fort Myers, Florida

As of March 31, 2013, First Community Bank of Southwest Florida had approximately $265.7 million in total assets and $254.2 million in total deposits. ... The FDIC estimates that cost to the Deposit Insurance Fund will be $27.1 million. ... First Community Bank of Southwest Florida is the 17th FDIC-insured institution to fail in the nation this year, and the third in Florida.
The FDIC gets back to work.   At the current pace, the number of bank failures this year will be the lowest since 2008 when 25 banks failed.

Earlier on the employment report:
July Employment Report: 162,000 Jobs, 7.4% Unemployment Rate
Employment Report: Steady, but Slow Improvement
Graphs: Duration of Unemployment, Unemployment by Education, Construction Employment and Diffusion Indexes

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