Data / Bank failures / 1989 / First Fed. S & L of the Florida Keys
First Fed. S & L of the Florida Keys, Key West, FL: failed March 16, 1989
First Fed. S & L of the Florida Keys in Key West, Florida, failed on March 16, 1989. Barnett Bank of the Keys of Key West, FL, took over its deposits. It held $219.9 million in assets and $192.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $49.3 million (22.4% of its assets). By assets it was the 121st largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 16, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Barnett Bank of the Keys, Key West, FL
- Total assets
- $219,923,000
- Total deposits
- $192,594,000
- Estimated cost to the FDIC
- $49,349,902 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30561
Other bank failures in Florida, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| North Ridge Bank | Oakland Park | December 20, 1991 | $94.3 million | $92.7 million | $2.9 million | Intercontinental Bank |
| First National Bank of Miami | Miami | November 26, 1991 | $40.5 million | $40.9 million | $6.3 million | Ready State Bank |
| The Private Bank & Trust, Nation | Miami | October 29, 1991 | $4.3 million | $1.5 million | ||
| Citizens Fsa | Jacksonville | October 16, 1991 | $65.7 million | $67 million | $8.9 million | |
| Life FSB | Clearwater | October 11, 1991 | $107.6 million | $88.5 million | $9.2 million | Life SB, FSB |
| The First, Federal Association | Orlando | October 11, 1991 | $1.07 billion | $960.8 million | $148 million | Great Western Bank, FSB |
| Southeast Bank of West Florida | Pensacola | September 19, 1991 | $97.3 million | $88.2 million | First Union National Bank O | |
| Southeast Bank, National Association | Miami | September 19, 1991 | $11.03 billion | $8.91 billion | First Union National Bank O |
All bank failures in 1989 · All bank failures in Florida · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.