Regulators shut Naples bank

NAPLES — Banking regulators shut down The Royal Palm Bank of Florida in Naples late Friday and sold the deposits and most of the assets to First National Bank of the Gulf Coast, another Naples-based bank.

When regulators shut it down, Royal Palm had about $87 million in assets and $85 million in deposits. Like many other community banks in Florida, it fell victim to the real estate bust and couldn't recover. First National acquired $54 million of those assets.

“This is the first transaction that we have entered into since completion of our private placement, which is available to fund future organic growth as well as other expansion opportunities, which may include other strategic bank acquisitions along the West Coast of Florida,” says Gary Tice, chairman and CEO of First National, in a statement.