First Southern Bank acquires First Commercial Bank from FDIC

First Southern Bank has purchased all the assets and deposits except brokered deposits of First Commercial Bank of Florida. The FDIC and First Southern Bank have signed a loss-share transaction on USD 484.3 million of First Commercial Bank of Florida’s assets. Therefore, First Southern Bank will share in the losses on the asset pools covered under the loss-share agreement. On 30 September 2010, First Commercial Bank of Florida had USD 598.5 million in total assets and USD 529.6 million in total deposits.

Following the acquisition, First Southern Bank now has 16 branches in seven counties in Florida, including nine branches of the former First Commercial Bank of Florida.

In 2010, First Southern Bancorp, the parent company of First Southern Bank, has raised USD 400 million of capital to grow the company in Florida. Its first transaction was with the FDIC in September 2010 for Haven Trust Bank Florida, which added two branches to First Southern Bank.

First Southern Bank provides products and services for businesses and consumers.