The Florida Office of Financial Regulation closed First Commercial Bank of Florida and appointed the FDIC receiver. The FDIC entered into an agreement with First Southern Bank for the transfer of the First Commercial Bank of Florida deposits.
The customers of First Commercial Bank of Florida have become the customers of First Southern Bank, as the transaction is effective immediately.
First Commercial Bank of Florida had $598.5m in total assets and $529.6m in total deposits as of 30 September 2010. The banking locations will reopen as First Southern Bank branches with the same employees of the bank.
The FDIC and First Southern Bank also entered into a loss-share transaction on $484.3m of First Commercial Bank of Florida’s assets.
With this transaction, First Southern Bank now has a presence in seven counties in Florida, with 16 branches, including nine branches of the former First Commercial Bank of Florida.
