Deal, or no deal?

A deal to sell The Royal Palm Bank in Naples to Ovation Holdings apparently fell apart when regulators shut the bank July 20.

As the Business Review reported in May, Naples-based Ovation agreed to buy Royal Palm, and the deal was scheduled to close in the third quarter. Ovation is the parent of Encore National Bank, which has two branches in Naples.

But state regulators shut down Royal Palm Bank and the Federal Deposit Insurance Corp., which was appointed as the receiver, sold the deposits and most of the assets to cross-town Naples rival First National Bank of the Gulf Coast.