Data / Bank failures / 1991 / The First, Federal Association
The First, Federal Association, Orlando, FL: failed October 11, 1991
The First, Federal Association in Orlando, Florida, failed on October 11, 1991. Great Western Bank, FSB of Beverly Hills, CA, took over its deposits. It held $1.07 billion in assets and $960.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $148 million (13.9% of its assets). By assets it was the 30th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- October 11, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Great Western Bank, FSB, Beverly Hills, CA
- Total assets
- $1,066,094,000
- Total deposits
- $960,802,000
- Estimated cost to the FDIC
- $148,029,942 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28763
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 |
Other failed banks Great Western Bank, FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Amerifirst Federal Savings | Miami | FL | March 15, 1991 | $3.58 billion | $2.87 billion | $557.5 million | Great Western Bank, FSB |
| Pioneer Savings Bank, FSB | Clearwater | FL | February 2, 1990 | $1.94 billion | $1.42 billion | $217.2 million | Great Western Bank, FSB |
| Centrust Bank, SB | Miami | FL | February 2, 1990 | $8.22 billion | $5.89 billion | $672.2 million | Great Western Bank, FSB |
| Lincoln Savings & Loan | Irvine | CA | April 14, 1989 | $4.86 billion | $4.19 billion | $3.14 billion | Great Western Bank, FSB |
All bank failures in 1991 · All bank failures in Florida · Every failed bank Great Western Bank, FSB 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.