Data / Bank failures / 1989 / Freedom S & La
Freedom S & La, Tampa, FL: failed February 7, 1989
Freedom S & La in Tampa, Florida, failed on February 7, 1989. NCNB NB of FL of Tampa, FL, took over its deposits. It held $1.40 billion in assets and $1.13 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $329.7 million (23.5% of its assets). By assets it was the 26th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 7, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- NCNB NB of FL, Tampa, FL
- Total assets
- $1,402,115,000
- Total deposits
- $1,132,175,000
- Estimated cost to the FDIC
- $329,652,673 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 32549
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 |
Other failed banks NCNB NB of FL took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Southern Floridabanc Federal | Boca Raton | FL | February 17, 1989 | $143.3 million | $256.2 million | $162 million | NCNB NB of FL |
All bank failures in 1989 · All bank failures in Florida · Every failed bank NCNB NB of FL 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.