Data / Bank failures / 1990 / Florida Federal Savings Bank
Florida Federal Savings Bank, ST. Petersburg, FL: failed November 9, 1990
Florida Federal Savings Bank in ST. Petersburg, Florida, failed on November 9, 1990. First Union Corp. of Charlotte, NC, took over its deposits. It held $4.12 billion in assets and $2.27 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $393.6 million (9.6% of its assets). By assets it was the 10th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- November 9, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Union Corp., Charlotte, NC
- Total assets
- $4,115,008,000
- Total deposits
- $2,271,190,000
- Estimated cost to the FDIC
- $393,637,234 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 28608
Other bank failures in Florida, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| Security Fsa | Panama City | January 31, 1992 | $107.1 million | $100.4 million | $16 million |
All bank failures in 1990 · All bank failures in Florida · 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.