Two More Southwest Florida Banks Bite The Dust, One in Sarasota & One in Naples

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Both Orion Bank of Naples and Century Bank of Sarasota both were closed down by the FDIC and sold to IberiaBank of Louisiana last night. The two banks had combined assets of $3.1 billion. The two failures will cost the FDIC almost $1.0 billion.

The failure of Century Bank is the third for Sarasota County in the last three months. Orion Bank was an active lender in Sarasota and Charlotte Counties.

Bank failures tend to mark the final phase of financial crisis periods.