First Commercial Bank of Florida, Orlando, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC entered into a purchase and assumption agreement with First Southern Bank, Boca Raton, Fla., to assume all of the deposits. Deposits of Legacy Bank, Scottsdale, Ariz., will continue to be insured by the FDIC. The cost to the Deposit Insurance Fund will be $78.0 million.”]
Source: https://www.inforisktoday.com/2-banks-closed-on-jan-7-a-3248