Data / Bank failures / 1989 / Southern Floridabanc Federal
Southern Floridabanc Federal, Boca Raton, FL: failed February 17, 1989
Southern Floridabanc Federal in Boca Raton, Florida, failed on February 17, 1989. NCNB NB of FL of Tampa, FL, took over its deposits. It held $143.3 million in assets and $256.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $162 million (113% of its assets). By assets it was the 173rd largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 17, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- NCNB NB of FL, Tampa, FL
- Total assets
- $143,273,000
- Total deposits
- $256,172,000
- Estimated cost to the FDIC
- $161,957,729 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 32535
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 |
|---|---|---|---|---|---|---|---|
| Freedom S & La | Tampa | FL | February 7, 1989 | $1.40 billion | $1.13 billion | $329.7 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.