First Southern Acquires First Commercial
First Southern has acquired substantially all of the assets and assumed all of the deposits, except brokered deposits, of First Commercial Bank of Florida from FDIC.
With this transaction, First Southern now has a presence in seven counties in Floridaâ€™s three most populous regions - South Florida, Northeast Florida and Central Florida - with 16 branches, including nine branches of the former First Commercial Bank of Florida.
These nine locations include two in Orlando and one each in Winter Park, Winter Garden and Edgewood, all in Orange County; one each in Kissimmee and St. Cloud in Osceola County; one in Lake Mary in Seminole County; and one in West Volusia in Volusia County.
The Florida Office of Financial Regulation has closed First Commercial Bank of Florida and appointed the FDIC receiver. The FDIC, which insures deposits in its corporate capacity, has signed an agreement with First Southern for the transfer of the First Commercial of Florida deposits following a competitive bidding process. The customers of First Commercial Bank of Florida are now customers of First Southern.
First Commercial Bank of Florida had $598.5m in total assets and $529.6m in total deposits as of September 30, 2010. Its banking locations will reopen as First Southern Bank branches.
The FDIC and First Southern Bank have entered into a loss-share transaction on $484.3m of First Commercial Bank of Floridaâ€™s assets. First Southern Bank will share in the losses on the asset pools covered under the loss-share agreement.
Herbert Boydstun, chairman and CEO of First Southern Bank, said: â€œFirst Commercial Bank of Florida also has a great team, and weâ€™re pleased to have them join the First Southern Bank family. We look forward to working with them to deliver great community banking service to current customers and new ones as we grow in the Orlando market.â€
Will the move expand First Southern's operations in Central Florida?
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