Minnesota bank takes another bite

Central Bank of Stillwater, Minn., made its second acquisition on the Gulf Coast when its purchase of Bank of Naples closed last week.

Readers may recall that this is the same bank that acquired Commerce Bank of Southwest Florida in Fort Myers after federal regulators shut down the Fort Myers bank in November 2009.

Larry Albert, CEO of Central Bank, declined to disclose the terms of the Bank of Naples acquisition, but he says he's encouraged by the improving real estate-based economy. “The residential tide is beginning to turn,” he says.