Commerce Bank of Southwest Florida Fails

Detective Krum

Commerce Bank of Southwest Florida failed and on Friday, November 20, 2009 Commerce Bank of Southwest Florida, Fort Myers, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed. One must ask, why?  If you are a depositor in a bank and your deposit exceeds the FDIC insured amount, why is there no advanced notice of a failing bank?  Is it because you could withdraw your funds and protect your assets?

The official notice states:

All deposit accounts, excluding certain brokered deposits, have been transferred to Central Bank, Stillwater, MN (“assuming institution”) and will be available immediately.  On Monday, November 23, 2009, the former Commerce Bank of Southwest Florida location will reopen as a branch of Central Bank.

Your transferred deposits will be separately insured from any accounts you may already have at Central Bank for six months after the failure of Commerce Bank of Southwest Florida. Checks that were drawn on Commerce Bank of Southwest Florida that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-913-5370 or visit EDIE, the FDIC’s Electronic Deposit Insurance Estimator.

The Automated Teller Machines (ATM) and online service will remain available.

As of Monday, November 23, 2009, you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact your branch office.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, November 20, 2009, will be paid at your same rate.  Central Bank will be reviewing rates.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.

If you or your company provided a service or product, leased space, furniture, or equipment to Commerce Bank of Southwest Florida prior to Friday, November 20, 2009 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Commerce Bank of Southwest Florida prior to the bank’s failure for which you have not been paid and you have not received communication, please contact:

Federal Deposit Insurance Corporation Receiver: Commerce Bank of Southwest Florida 7777 Baymeadows Way West Jacksonville, FL 32256 Attention: Claims Agent

Please note: There are time limits for filing a claim, your claim must be filed on or before 2/25/2010.

See FDIC’s website here –  for more information.