Closed Friday, November 9, 1990 · St. Petersburg, Pinellas County, Florida
Florida Federal Savings Bank
By total assets Florida Federal Savings Bank is the 50th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Equity capital was below zero at its last report. In 1990 regulators closed 21 banks in Florida; this was the 20th.
On the books, 1984 to 1990
Total assets peaked at $5.5 billion in the fourth quarter of 1987 and were 25% lower at the final report. Equity capital had covered 6.8% of assets in the first quarter of 1984. By then 10% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in six of its final seven reporting years. The deepest annual loss, $75.1 million, was booked in 1988.* 1990: January to September only, the last report before closing.
Size against the other 1990 failures
Total assets of each 1990 failure, log scale; Florida Federal Savings Bank in red.
By assets it ranked tenth of the 381 failures in 1990. Within Florida it ranks fourth by size of the 179 failures recorded since 1934. Ranked by estimated loss, it is 101st of 2,944 failures since 1934. In the size ranking of that year, just above it was Santa Barbara Savings and Loan Association of Santa Barbara, California ($4.3 billion, loss under 0.1% of assets); just below, Home Owners Savings Bank F.S.B. of Burlington, Massachusetts ($3.5 billion, loss 10% of assets). Every 1990 failure in the explorer.
Three other banks closed that day; the largest was Freedom National Bank of New York of New York, New York, at $110 million.
Failures in Florida
The previous failure there was Gold Coast Savings Bank of Plantation, on October 19, 1990. The next was First Commercial Bank of Florida of Boca Raton, on December 14, 1990. Pinellas County has 10 failed banks on FDIC record since 1934. Closest in time: Pioneer Savings Bank (1990), Enterprise Federal Savings and Loan Association (1990), Sovereign Savings Bank (1991), Goldome Savings Bank, F.S.B. (1991), Life Savings Bank (1991).