Data / Bank failures / 1988 / First Federated Savings Bank
First Federated Savings Bank, N. Palm Beach, FL: received FDIC assistance March 11, 1988
First Federated Savings Bank in N. Palm Beach, Florida, received open bank assistance from the FDIC on March 11, 1988. It held $141.7 million in assets and $155.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $90.6 million (64% of its assets). By assets it was the 148th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- March 11, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Statesman Bank for SVG FSB, Waterloo, IA
- Total assets
- $141,733,000
- Total deposits
- $155,210,000
- Estimated cost to the FDIC
- $90,644,870 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31371
Other bank failures in Florida, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Commercial Bank of Florida | Boca Raton | December 14, 1990 | $171.6 million | $164.1 million | $27.3 million | Bank of North America |
| Florida Federal Savings Bank | ST. Petersburg | November 9, 1990 | $4.12 billion | $2.27 billion | $393.6 million | First Union Corp. |
| Gold Coast Savings Bank | Plantation | October 19, 1990 | $151.7 million | $141.8 million | $46.9 million | |
| International FS & La | N. Miami Beach | October 12, 1990 | $84.3 million | $81.5 million | $13 million | |
| Ambassador FS & La | Tamarac | August 24, 1990 | $184.1 million | $162 million | $52.1 million | Bank of North America |
| Citizens & Builders FS | Pensacola | July 27, 1990 | $119.2 million | $97.9 million | $31.6 million | Central Bank of the South |
| Professional Savings Bank | Coral Gables | July 27, 1990 | $695.6 million | $618.4 million | $251.5 million | |
| Bank M | Miami | June 15, 1990 | $10.7 million | $10.7 million | $3.9 million | Bank of North America |
Other failed banks Statesman Bank for SVG FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Peoples FS&LA (assistance) | Waterloo | IA | March 11, 1988 | $151.3 million | $139.2 million | $27.1 million | Statesman Bank for SVG FSB |
| Perpetual S&LA (assistance) | Waterloo | IA | March 11, 1988 | $112.8 million | $110.9 million | $20.9 million | Statesman Bank for SVG FSB |
| First Federal Savings Bank (assistance) | Waterloo | IA | March 11, 1988 | $152.3 million | $174 million | $82.5 million | Statesman Bank for SVG FSB |
All bank failures in 1988 · All bank failures in Florida · Every failed bank Statesman Bank for SVG FSB took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. 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.