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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.
Albert says Central Bank acquired all the assets and deposits of Bank of Naples and its single office is now a branch of Central Bank.
Although the regulators didn't shut down Bank of Naples, it was in distress, Albert says. According to the Federal Deposit Insurance Corp., Bank of Naples had $147 million in assets as of March 31 and it reported a net loss of $5.6 million in 2011.
With the Bank of Naples acquisition, Central Bank will have $1.2 billion in assets and 21 locations in Minnesota, Wisconsin and Southwest Florida.
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