Data / Bank failures / 1991 / First Marine Bank of Florida
First Marine Bank of Florida, Palm City, FL: failed March 8, 1991
First Marine Bank of Florida in Palm City, Florida, failed on March 8, 1991. 1ST United Bank of Boca Raton, FL, took over its deposits. It held $17.2 million in assets and $16.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.6 million (20.7% of its assets). By assets it was the 252nd largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- March 8, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- 1ST United Bank, Boca Raton, FL
- Total assets
- $17,165,000
- Total deposits
- $16,769,000
- Estimated cost to the FDIC
- $3,560,250 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- BIF
- FDIC certificate
- 24831
Other bank failures in Florida, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| The Guardian Bank, FSB | Boca Raton | March 16, 1993 | $75.6 million | $69.2 million | $3.6 million | Shawmut Bank, FSB |
| Palm Beach Fsa | Palm Beach Garden | December 8, 1992 | $59.4 million | $54.4 million | $20.9 million | Southbank, A FSB |
| Jacksonville Fsa | Jacksonville | June 26, 1992 | $150.9 million | $147.5 million | $25.3 million | First Union NB of FL |
| Security First FS & La | Daytona Beach | April 10, 1992 | $1.01 billion | $904.2 million | $24.1 million | First Union NB of FL |
| Flagler FS & La | Miami | March 27, 1992 | $1.60 billion | $1.49 billion | $101.6 million | First Union NB of FL |
| National City Bank | Coral Springs | February 21, 1992 | $19 million | $18.6 million | $2.6 million | Intercontinental Bank |
| United Savings of America, FA | Melbourne | February 7, 1992 | $327.2 million | $293.4 million | $15.4 million | Barnett Bank of Central FL |
| Merchants National Bank | Fort Myers | February 7, 1992 | $35.1 million | $35.3 million | $5.2 million | Founders National Trust |
Other failed banks 1ST United Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Old Harbor Bank | Clearwater | FL | October 21, 2011 | $209 million | $212.2 million | $26.3 million | 1ST United Bank |
| The Bank of Miami | Coral Gables | FL | December 17, 2010 | $448.2 million | $374.2 million | $29 million | 1ST United Bank |
| Republic Federal Bank, N.A. | Miami | FL | December 11, 2009 | $433 million | $352.7 million | $78 million | 1ST United Bank |
| Bank of South Palm Beaches | Hypoluxo | FL | August 9, 1991 | $61.3 million | $63.5 million | $31 million | 1ST United Bank |
All bank failures in 1991 · All bank failures in Florida · Every failed bank 1ST United Bank 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.