Data / Bank failures / 1988 / Global Bank
Global Bank, Hialeah, FL: failed February 12, 1988
Global Bank in Hialeah, Florida, failed on February 12, 1988. Ocean Bank of Miami, FL, took over its deposits. It held $21.7 million in assets and $20.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7 million (32.2% of its assets). By assets it was the 373rd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- February 12, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Ocean Bank, Miami, FL
- Total assets
- $21,742,000
- Total deposits
- $20,423,000
- Estimated cost to the FDIC
- $6,990,638 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 25288
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 |
All bank failures in 1988 · 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.