A Florida bank with a heavy concentration of commercial real estate assets failed last week — bringing this year’s mortgage-related casualty count to more than three dozen.
The Florida Office of Financial Regulation closed down First Community Bank of Southwest Florida on Friday.
The Fort Myers, Fla.-based financial institution was founded in March 1999. As of March 31, staffing stood at 62 employees.
Assets totaled $266 million and included $35 million in residential loans, $120 million in CRE loans and $12 million in construction-and-development loans.
Total deposits, meanwhile, were $254 million.
The Federal Deposit Insurance Corp. was appointed receiver of the failed bank.
In June 2010, the FDIC issued a consent order against First Community.
Following a secret bidding process, the winning bid was awarded to C1 Bank, which acquired all of the assets and assumed all of the deposits.
The FDIC estimates that losses will exceed $27 million as a result of First Community’s failure — the 17th FDIC-insured bank failure this year.
Mortgage Daily has tracked the closing or failure of 38 mortgage-related businesses so far during 2013.
