Data / Bank failures / 1986 / Sunshine State Bank
Sunshine State Bank, South Miami, FL: failed May 23, 1986
Sunshine State Bank in South Miami, Florida, failed on May 23, 1986. It held $109.4 million in assets and $103.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $58.5 million (53.5% of its assets). By assets it was the 43rd largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- May 23, 1986
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $109,404,000
- Total deposits
- $103,092,000
- Estimated cost to the FDIC
- $58,532,380 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 20857
Other bank failures in Florida, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Broward FS&LA (assistance) | Sunrise | December 31, 1988 | $535.7 million | $494.3 million | $221.3 million | California FS&LA-BROWARD |
| Beach FS&LA (assistance) | Boynton Beach | December 30, 1988 | $1.14 billion | $1.19 billion | $1.29 billion | Beach FS&LA |
| First FS&LA of Jacksonville (assistance) | Jacksonville | December 30, 1988 | $1.24 billion | $1.01 billion | $25.7 million | First FS&LA |
| Caribank | Dania | December 9, 1988 | $525.8 million | $523 million | $39 million | Citibank Florida NA |
| Cyprus Sa | Plantation | November 10, 1988 | $172.8 million | $203.7 million | $98.9 million | |
| Financial Security S&LA | Delray Beach | October 6, 1988 | $150.1 million | $166.3 million | ||
| Citizens FS&LA (assistance) | Jacksonville | September 1, 1988 | $57.9 million | $64.6 million | $125,000 | Citizens FSB |
| First Federated Savings Bank (assistance) | N. Palm Beach | March 11, 1988 | $141.7 million | $155.2 million | $90.6 million | Statesman Bank for SVG FSB |
All bank failures in 1986 · 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.