Data / Bank failures / 1992 / Security First FS & La
Security First FS & La, Daytona Beach, FL: failed April 10, 1992
Security First FS & La in Daytona Beach, Florida, failed on April 10, 1992. First Union NB of FL of Jacksonville, FL, took over its deposits. It held $1.01 billion in assets and $904.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $24.1 million (2.4% of its assets). By assets it was the 23rd largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- April 10, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Union NB of FL, Jacksonville, FL
- Total assets
- $1,013,550,000
- Total deposits
- $904,202,000
- Estimated cost to the FDIC
- $24,073,679 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 29222
Other bank failures in Florida, 1990 to 1994
| 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 |
| 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 |
Other failed banks First Union NB of FL took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Jacksonville Fsa | Jacksonville | FL | June 26, 1992 | $150.9 million | $147.5 million | $25.3 million | First Union NB of FL |
| Flagler FS & La | Miami | FL | March 27, 1992 | $1.60 billion | $1.49 billion | $101.6 million | First Union NB of FL |
| Hollywood FSB | Hollywood | FL | February 22, 1991 | $1.53 billion | $1.37 billion | $82.6 million | First Union NB of FL |
All bank failures in 1992 · All bank failures in Florida · Every failed bank First Union 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.