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Failed bank draws heavy bidding

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  • | 7:14 a.m. October 28, 2013
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Want to buy a bank in Fort Myers?

Join the crowd.

When First Community Bank of Southwest Florida in Fort Myers failed in August, it attracted a surprisingly large group of buyers.

The Federal Deposit Insurance Corp. drew 11 bids for First Community after state regulators shut it down and turned it over to the FDIC for sale. The winning bid was by C1 Bank of St. Petersburg, which bought the bank's assets at a $24 million discount.

The number of bidders is a surprise considering First Community was relatively small and it had endured substantial losses for years. The bank had $266 million in assets when it was shut down and it lost $1.8 million in 2012.

As is customary, the FDIC doesn't disclose who the rival bidders were.


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