Bank of Naples to be sold

NAPLES — Minnesota-based Central Bancshares plans to acquire Bank of Naples, further evidence of consolidation in the community banking business, according to SNL Financial.

Citing a report in the Minneapolis/St. Paul Business Journal, SNL says Central Bancshares unit Central Bank plans to expand its presence in Southwest Florida including Fort Myers. The terms of the deal were not disclosed and it remains subject to shareholder and regulatory approval.

According to SNL, Stillwater, Minn.-based Central Bank has executed six acquisitions since 2009. As of Dec. 31, Central Bank reported $1.1 billion in assets and $18.6 million in net income last year, a 68% increase over the prior year, according to the Federal Deposit Insurance Corp.

Bank of Naples reported $154.1 million in assets as of Dec. 31. The bank lost $5.6 million last year, according to the FDIC.