First Southern Bank Expands into Central Florida by Acquiring First Commercial Bank of Florida from F.D.I.C.

Jan 11, 2011

Transaction More Than Doubles First Southern Bank’s Assets and Branch Locations, Extends Customer Service-Based Focus to State’s Third-Largest Metro Area

BOCA RATON, Fla.--(BUSINESS WIRE)-- First Southern Bank today announced that it has acquired substantially all of the assets and assumed all of the deposits, except brokered deposits, of First Commercial Bank of Florida from the Federal Deposit Insurance Corporation (FDIC), introducing First Southern Bank’s capital strength and reputation for excellent customer service to the state’s third-largest metro area and more than doubling its community bank franchise.

The Florida Office of Financial Regulation closed First Commercial Bank of Florida today and appointed the FDIC receiver. The FDIC, which insures deposits in its corporate capacity, entered into an agreement with First Southern Bank for the transfer of the First Commercial Bank of Florida deposits following a competitive bidding process.

The transaction is effective immediately, and customers of First Commercial Bank of Florida are now customers of First Southern Bank.

First Commercial Bank of Florida had $598.5 million in total assets and $529.6 million in total deposits as of Sept. 30, 2010. Its banking locations will reopen Monday as First Southern Bank branches. Employees of First Southern Bank will be present to answer customers’ questions and help make the transition to First Southern Bank as easy as possible for customers and employees of the former First Commercial Bank of Florida.

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 Southern Bank will share in the losses on the asset pools covered under the loss-share agreement.

With this transaction, First Southern Bank now has a presence in seven counties in Florida’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.

“Customers today want to do business with a strong, well-capitalized bank that puts them first and understands their communities,” said J. Herbert Boydstun, chairman and CEO of First Southern Bank. “We are that kind of institution. First Southern Bank has money to lend, and we invite the community to call on us.

“First Commercial Bank of Florida also has a great team, and we’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.”

Customers may call on their favorite banker at any branch of the former First Commercial Bank of Florida and access their accounts by using their checks, ATM cards and debit cards, as well as First Commercial Bank of Florida’s online banking and bank-by-phone services. In addition, customers should continue to make loan payments and conduct other transactions just as they did prior to the announcement. First Southern Bank will provide additional information to customers in the coming days.

Questions from customers regarding today’s transaction can be directed to the FDIC toll-free at 1-800-423-6395 until 9 p.m. Eastern Time tonight, from 9 a.m. to 6 p.m. tomorrow, from noon to 6 p.m. Sunday and from 8 a.m. to 8 p.m. thereafter. Interested parties also can visit the FDIC’s Web site at Additional information about First Southern Bank can be found at

First Southern Bancorp, parent company of First Southern Bank, raised approximately $400 million of capital in early 2010 to grow the company in Florida and elsewhere through strategic merger and acquisition opportunities. Its first transaction was with the FDIC in September 2010 for Haven Trust Bank Florida, which added two branches and gave First Southern Bank its first presence in Northeast Florida in Ponte Vedra Beach and St. Augustine.

First Southern Bank, headquartered in Boca Raton, Fla., provides comprehensive products and services for businesses and consumers. First Southern Bank now has 16 banking locations in the following counties: Broward, Orange, Osceola, Palm Beach, St. Johns, Seminole and Volusia.



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