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Saturday
Jan082011

2011 Racks Up Its First Bank Failures

Photo Courtesy - Getty Images(ORLANDO, Fla.) -- The state with the most bank failures in 2010 begins the new year with the first bank failure of 2011 in the United States.  Orlando-based First Commercial Bank of Florida is the first with Scottsdale, Arizona's Legacy Bank the second of the year.

Boca Raton's First Southern Bank has taken over ownership of First Commercial and says that all deposits are immediately available.  Legacy has been taken over by Enterprise Bank and Trust out of St. Louis and said it will immediately reopen all former Legacy branches, under the Enterprise name, when the business week resumes.

There were 157 bank failures across the United States in 2010 and officials are hoping that trend does not continue.  The Federal Deposit Insurance Company last week announced it is going after bank executives associated with failed banks, seeking $2.5 billion dollars from 109 individuals.

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