Published: Aug 02, 2013 6:00 PM EDT
Updated: Aug 02, 2013 6:38 PM EDT

FORT MYERS, Fla.- First Community Bank of Southwest Florida, also operating as Community Bank of Cape Coral, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with C1 Bank, Saint Petersburg. The seven former branches of First Community Bank of Southwest Florida will reopen as branches of C1 Bank during their normal business hours.

Depositors of First Community Bank of Southwest Florida will automatically become depositors of C1 Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

This evening and over the weekend, depositors of First Community Bank of Southwest Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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. In addition to assuming all of the deposits of the failed bank, C1 Bank agreed to purchase essentially all of the failed bank's assets.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-591-2916. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8:00 a.m. to 8:00 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT. You can also visit http://www.fdic.gov/bank/individual/failed/firstcommswb.html.

The FDIC estimates that cost to the Deposit Insurance Fund will be $27.1 million. Compared to other alternatives, C1 Bank's acquisition was the least costly resolution for the FDIC's DIF. First Community Bank of Southwest Florida is the 17th FDIC-insured institution to fail in the nation this year, and the third in Florida.