Bank Failure
First Marine Bank of Florida
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Closed March 8, 1991 · Palm City, FL · FDIC Cert #24831.
- Closing date
- March 8, 1991
- Headquarters
- Palm City, FL
- FDIC Certificate
- 24831
- Total assets at closing
- $17.2M
- Total deposits at closing
- $16.8M
- Estimated loss to the insurance fund
- $3.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- 1st United Bank
Context
On March 8, 1991, regulators closed First Marine Bank of Florida, headquartered in Palm City, FL. At closing, the institution held approximately $17.2M in assets and $16.8M in deposits. The FDIC record names 1st United Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.6M.
By assets at closing this is the 2455th largest of the 3,526 bank failures in the FDIC record, and the 249th of 268 in 1991. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Marine Bank of Florida fail?
First Marine Bank of Florida was closed by regulators on March 8, 1991.
Who acquired First Marine Bank of Florida?
The FDIC record names 1st United Bank as the acquiring institution in the resolution of First Marine Bank of Florida.
How big was First Marine Bank of Florida when it failed?
First Marine Bank of Florida had approximately $17.2M in total assets and $16.8M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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