Data / Bank failures / 1991 / Southcoast Bank Corporation
Southcoast Bank Corporation, West Palm Beach, FL: failed August 9, 1991
Southcoast Bank Corporation in West Palm Beach, Florida, failed on August 9, 1991. It held $26.1 million in assets and $26.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $12.6 million (48.4% of its assets). By assets it was the 219th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- August 9, 1991
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $26,094,000
- Total deposits
- $26,674,000
- Estimated cost to the FDIC
- $12,616,626 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 21605
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 |
All bank failures in 1991 · 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.