Minnesota Bank Assumes Accounts of Florida Bank

(AP) The Central Bank--based in Stillwater, Minnesota--has agreed to assume the assets and deposits of Commerce Bank of Southwest Florida. The Florida bank was shut down by regulators yesterday. The Federal Deposit Insurance Corporation states that Commerce Bank has $79.7 million in assets, and $76.7 million in deposits. The failed bank's sole branch will re-open on Monday as a branch of Central Bank.