The "honor" of the first bank to fail in 2011 belongs to First Commercial Bank of Florida based in Orlando. First Commercial Bank was rated as the single bank most likely to have failed on the entire list. It had approximately $598.5 million in total assets and $529.6 million in total deposits was closed. First Southern Bank (rated 1557th) of Boca Raton, FL has agreed to assume all deposits and acquired most of the assets. In addition, they have entered into a loss sharing agreement with the FDIC.
The second bank to fail this week is Legacy Bank of Scottsdale, AZ. This Legacy Bank ranked as the 113th least sound on the most recent list. Another Legacy Bank, that one located in Milwaukee, WI ranks 3rd and yet remains in business at this time. Legacy Bank had approximately $150.6 million in total assets and $125.9 million in total deposits was closed. It was acquired by Enterprise Bank & Trust of St. Louis, MO raising their asset level to over $2.5 billion, a roughly 6% increase.
Friday, January 7, 2011
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