Data / Bank failures / 2010 / The Bank of Miami
The Bank of Miami, Coral Gables, FL: failed December 17, 2010
The Bank of Miami in Coral Gables, Florida, failed on December 17, 2010. 1ST United Bank of Boca Raton, FL, took over its deposits. It held $448.2 million in assets and $374.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $29 million (6.5% of its assets). By assets it was the 49th largest of 157 banks closed or assisted in 2010.
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The FDIC's record
- Closed
- December 17, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- 1ST United Bank, Boca Raton, FL
- Total assets
- $448,150,000
- Total deposits
- $374,218,000
- Estimated cost to the FDIC
- $28,965,429 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- DIF
- FDIC certificate
- 19040
Other bank failures in Florida, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Heritage Bank of Florida | Lutz | November 2, 2012 | $225.5 million | $223.3 million | $73.8 million | Centennial Bank |
| Gulfsouth Private Bank | Destin | October 19, 2012 | $139.4 million | $131.6 million | $40.3 million | Smartbank |
| First East Side Savings Bank | Tamarac | October 19, 2012 | $65.7 million | $64.9 million | $12.4 million | Stearns Bank National Association |
| The Royal Palm Bank of Florida | Naples | July 20, 2012 | $78.8 million | $78.9 million | $16.8 million | First National Bank of the Gulf Coast |
| Putnam State Bank | Palatka | June 15, 2012 | $169.5 million | $160 million | $28.8 million | Harbor Community Bank |
| Security Bank, National Association | North Lauderdale | May 4, 2012 | $101 million | $99.1 million | $15.1 million | Banesco USA |
| First Guaranty Bank and Trust Company of Jacksonville | Jacksonville | January 27, 2012 | $397.1 million | $378.3 million | $54.4 million | Centerstate Bank of Florida, National Association |
| Central Florida State Bank | Belleview | January 20, 2012 | $71.5 million | $71.1 million | $13.7 million | Centerstate Bank of Florida, National Association |
Other failed banks 1ST United Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Old Harbor Bank | Clearwater | FL | October 21, 2011 | $209 million | $212.2 million | $26.3 million | 1ST United Bank |
| Republic Federal Bank, N.A. | Miami | FL | December 11, 2009 | $433 million | $352.7 million | $78 million | 1ST United Bank |
| Bank of South Palm Beaches | Hypoluxo | FL | August 9, 1991 | $61.3 million | $63.5 million | $31 million | 1ST United Bank |
| First Marine Bank of Florida | Palm City | FL | March 8, 1991 | $17.2 million | $16.8 million | $3.6 million | 1ST United Bank |
All bank failures in 2010 · All bank failures in Florida · Every failed bank 1ST United Bank 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.