As the epicenter of bank failures in 2010, Florida gave 2011 its first casualty.

Florida was home to 18% of the 157 failures last year, with 29. Following a two-week hiatus, two banks failed on the first Friday of the new year. The failures had combined assets of roughly $750 million and are expected to cost the Deposit Insurance Fund a total of $106 million.

The Florida Office of Financial Regulation closed the $598.5 million-asset First Commercial Bank of Florida in Orlando. The Federal Deposit Insurance Corp. sold essentially all of the bank's assets to the $858 million-asset First Southern Bank in Boca Raton, Fla. First Southern also agreed to assume $529.6 million of the failed bank's deposits at par.

First Southern and the FDIC entered into a loss-sharing agreement on $484.3 million of the bank's assets. First Commercial's failure is expected to cost the deposit insurance fund $78 million.

First Southern Bancorp Inc. raised $400 million in February 2010 to buy failed banks. The First Commercial deal follows its purchase of the failed $148.6 million-asset Haven Trust Bank Florida in Ponte Vedra Beach in September.

Elsewhere, the Arizona Department of Financial Institutions shuttered the $150.6 million-asset Legacy Bank in Scottsdale.

The $2.5 billion-asset Enterprise Bank & Trust in St. Louis agreed to buy essentially all of Legacy assets and entered into a loss-sharing agreement with the FDIC on $119.8 million of the failed bank's assets. It also assumed the bank's $125.9 million deposits, paying a 1% premium.

Legacy's failure is expected to cost $27.9 million.

This is the third deal that Enterprise Bank, the banking unit of Enterprise Financial Services Corp., has struck in Arizona. In December 2009 it picked up the $40 million-asset Valley Capital Bank in Mesa and in July 2010 it acquired a $260 million pool of assets in the state that were originated by the failed Home National Bank in Blackwell, Okla.

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