State regulators shut Gulf Coast bank

FORT MYERS — C1 Bank, the fast-growing St. Petersburg-based bank, acquired the assets and deposits of First Community Bank of Southwest Florida after regulators shut it down late Friday.

The Florida Office of Financial Regulation shut down First Community Bank, which had $266 million in assets and seven branches in the Fort Myers area. The bank struggled with bad loans and low capital ratios, among other challenges.

State regulators appointed the Federal Deposit Insurance Corp. as receiver and the FDIC sold the assets, deposits and the seven branches to C1. Terms of the deal were not disclosed.