FDIC Friday - Happy New Year!

[Copper Catcher]

2010 - 157 failures for a total of $92.1 billion
2009 - 140 failures for a total of $167.7 billion

The FDIC's list of "problem" banks - 800 plus banks!


First Commercial Bank of Florida Orlando FL 34965

As of September 30, 2010, First Commercial Bank of Florida had approximately $598.5 million in total assets and $529.6 million in total deposits. First Southern Bank did not pay the FDIC a premium for the deposits of First Commercial Bank of Florida. In addition to assuming all of the deposits of the failed bank, First Southern Bank agreed to purchase essentially all of the assets.

The FDIC and First Southern Bank entered into a loss-share transaction on $484.3 million of First Commercial Bank of Florida's assets.

First Commercial Bank of Florida is the first FDIC-insured institution to fail in the nation this year, and the first in Florida. The last FDIC-insured institution closed in the state was The Bank of Miami, Coral Gables, on December 17, 2010.



Legacy Bank Scottsdale AZ 57820

As of September 30, 2010, Legacy Bank had approximately $150.6 million in total assets and $125.9 million in total deposits. Enterprise Bank & Trust will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Legacy Bank. In addition to assuming all of the deposits of the failed bank, Enterprise Bank & Trust agreed to purchase essentially all of the assets.

The FDIC and Enterprise Bank & Trust entered into a loss-share transaction on $119.8 million of Legacy Bank's assets.

Legacy Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Arizona. The last FDIC-insured institution closed in the state was Copper Star Bank, Scottsdale, on November 12, 2010.